Good sales and profit growth, with significant market outperformance
- Underlying profit before tax up 6.2 per cent to £756 million
- Agreement reached to take full ownership of Sainsbury's Bank
Financial summary
Total sales (inc VAT) up 4.6 per cent to £25,632 million (2011/12: £24,511 million)
Total sales (inc VAT, ex fuel) up 4.3 per cent, like-for-like sales (inc VAT, ex fuel) up 1.8 per cent
Underlying profit before tax up 6.2 per cent to £756 million (2011/12: £712 million)(1)
Underlying basic earnings per share up 9.3 per cent to 30.7 pence (2011/12: 28.1 pence)(2)
Return on capital employed of 11.2 per cent (2011/12: 11.1 per cent)(3)
Proposed full year dividend of 16.7 pence, up 3.7 per cent, cover 1.83 times (2011/12: 16.1 pence, cover 1.75 times)
Statutory
Revenue (ex VAT, inc fuel) up 4.5 per cent to £23,303 million (2011/12: £22,294 million)
Profit before tax down 1.4 per cent to £788 million (2011/12: £799 million)(4)
Profits excluded from underlying results down from £87 million to £32 million, reflecting fewer property disposals
Basic earnings per share up 1.9 per cent to 32.6 pence (2011/12: 32.0 pence)
Operating highlights
Outperformed the market, increasing market share to 16.8 per cent, the highest for a decade(5), driven by 33 consecutive quarters of like-for-like sales growth
Delivered over £100 million of operational cost savings
Improved underlying operating margin by 2 bps to 3.56 per cent (2 bps at constant fuel prices)
Price perception continues to improve, driven by competitive pricing, targeted promotions and offers via Nectar and Brand Match
Awarded:
o Supermarket of the Year, for the fifth time in seven years - Retail Industry Awards
o Convenience Chain of the Year, for the third year in a row - Retail Industry Awards
o Online Retailer of the Year - The Grocer
o Employer of the Year - Retail Week
o World Sector Leader, for the sixth consecutive year - Dow Jones Sustainability Index
