UK 1H like-for-like sales performance of (1.1)%, including further improvement in 2Q
International 1H like-for-like sales growth of +1.0%; both Europe and Asia positive in 2Q
UK focus on service, availability and price maintaining momentum in challenging market
- Transactions up +1.5%; volumes up +1.4%
£354m Group operating profit - investing for customers and rebuilding profitability in UK
On track to deliver £400m annual cost savings from Group restructuring investment
Significant progress made on balance sheet priority with sale of Homeplus in Korea and confirmation of move to defined contribution pension scheme in UK
Portfolio reshaping concluded; dunnhumby retained; firm focus on generating cash from retained assets
Dave Lewis, Chief Executive:
"We have delivered an unprecedented level of change in our business over the last twelve months and it is working. The first half results show sustained improvement across a broad range of key indicators.
In the UK, we continue to improve all aspects of our offer for customers, resulting in volume growth which is allowing us to create a virtuous circle of investment.
Our transformation programme in Europe has accelerated growth and reduced operating expenses, and in Asia, we have gained market share in challenging economic conditions.
We have concluded our portfolio review with the sale of Homeplus, our business in Korea, enabling us to take a significant step forward on our priority of strengthening the balance sheet. Further progress will be driven by continuing to increase the level of cash generated from our retained assets."
