Financial Review
Retailing sales
Retailing sales (inc VAT) increased by 7.3 per cent to £18,227 million driven by good like-for-like growth and new space.
In total, 639,000 square feet of net new space was added in the year, a space uplift of 3.8 per cent which was ahead of target due to a high level of property development completed in the second half. In the next financial year the Group is targeting incremental space growth of around two per cent.
| Key retailing metrics for the 52 weeks to 24 March 2007 |
2007 | 2006 |
|---|---|---|
| Like-for-like sales % (inc fuel) (Easter adjusted) | 5.7 | 4.1 |
| Easter adjustment %1 | 0.3 | (0.4) |
| Implied impact of new space % | 1.3 | 2.0 |
| Total sales % (inc fuel) | 7.3 | 5.7 |
| Like-for-like sales % (ex fuel) (Easter adjusted) | 5.9 | 3.7 |
| Easter adjustment %1 | 0.3 | (0.4) |
| Implied impact of new space % | 1.5 | 2.1 |
| Total sales % (ex fuel) | 7.7 | 5.4 |
| Grocery price inflation/(deflation) %2 | 1.0 | (1.5) |
| Retailing underlying operating profit (£m) | 429 | 352 |
| Year on year growth % | 21.9 | 14.3 |
| Retailing underlying operating margin %3 | 2.54 | 2.24 |