Financial performance

Financial performance

Here is an overview of our financial performance. More detailed information is available in the Investor section.

Summary income statement 52 weeks to 19 March 2011	2011 £m	2010 £m	Change %
Sales (including VAT)⁽¹⁾	22,943	21,421	7.1
Sales (excluding VAT)	21,102	19,964	5.7
Underlying operating profit	738	671	10.0
Underlying net finance costs⁽²⁾	(97)	(79)	(22.8)
Underlying share of post-tax profit from JVs⁽³⁾	24	18	33.3
Underlying profit before tax	665	610	9.0
Profit on disposal of properties	108	27	n/a
Investment property fair value movements	39	123	n/a
Financing fair value movements	7	(15)	n/a
IAS 19 pension financing credit/(charge)	3	(24)	n/a
One-off items	5	12	n/a
Profit before tax	827	733	12.8
Income tax expense	(187)	(148)	(26.4)
Profit for the financial period	640	585	9.4
Underlying basic earnings per share	26.5p	23.9p	10.9
Basic earnings per share	34.4p	32.1p	7.2
Dividend per share	15.1p	14.2p	6.3

The standard rate of VAT increased from 15 per cent to 17.5 per cent on 1 January 2010 and to 20 per cent on 4 January 2011.
Net finance costs before financing fair value movements and the IAS 19 pension financing element.
The underlying share of post-tax profits from joint ventures is stated before investment property fair value movements and financing fair value movements.

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