Executive Summary

• Group sales were up 1.4% at constant exchange rates, or 1.0% in British pounds.
• UK general merchandise sales were down 0.4%, with comps down 1.2%.
• UK food revenues were up 3.3%, with comps up 0.2%.
• Gross margin on general merchandise climbed 285 basis points, due to sourcing gains and less discounting.
• Underlying operating profit was up 3.8% and underlying profit before tax was up 6.1%.
• Basic earnings per share were up 4.9%, to 14.1p.