Financial summary
Underlying Group sales (inc VAT) up 2.8 per cent to £26,353 million (2012/13: £25,632 million)
Retail sales (inc VAT, ex fuel) up 2.7 per cent
Like-for-like sales (inc VAT, ex fuel) up 0.2 per cent
Underlying profit before tax up 5.3 per cent to £798 million (2012/13: £758 million)
Underlying basic earnings per share up 6.5 per cent to 32.8 pence (2012/13: 30.8 pence)
Return on capital employed up 19 bps to 11.3 per cent (2012/13: 11.1 per cent)
Return on capital employed excluding pension fund deficit of 10.4 per cent (2012/13: 10.4 per cent)
Proposed full year dividend of 17.3 pence, up 3.6 per cent, cover 1.90 times (2012/13: 16.7 pence, cover 1.84 times)
Statutory
Group sales (ex VAT, inc fuel) up 2.8 per cent to £23,949 million (2012/13: £23,303 million)
Profit before tax up 16.3 per cent to £898 million (2012/13: £772 million)
Items excluded from underlying results contributed £100 million of profit (2012/13: £14 million profit)
Basic earnings per share up 17.8 per cent to 37.7 pence (2012/13: 32.0 pence)
Operating performance
Market share maintained in tough retail environment; still at highest for a decade at 16.8 per cent
Operational cost savings of around £120 million
Capital expenditure reduced to £888 million (3.4 per cent of sales) and year end net debt £2.4 billion
Underlying operating margin improved by 8 bps (up 7 bps at constant fuel prices)
Acquisition of Sainsbury's Bank completed as planned on 31 January 2014; transition remains on track
Defined benefit pension fund triennial valuation complete resulting in funding deficit of £592 million, a
£635 million improvement on the 2009 valuation. Recovery plan agreed in 2009 remains unchanged
Awarded:
o FTSE100 Business of the Year 2013 - QBE National Business Awards
o Supermarket of the Year - Retail Industry Awards (sixth time in eight years)
o Online Retailer of the Year - Grocer Gold awards (second consecutive year)
o Convenience Retailer of the Year - Retail Industry Awards (fourth consecutive year)
o Gold Accreditation - Investors In People (only supermarket to achieve this)
