Financial performance

Sainsburys store in Dawlish, Devon

Financial performance

Financial summary 2010/11
£m		 2009/10
£m		 Change
%
Sales (including VAT) 22,943 21,421 7.1
Sales (excluding VAT) 21,102 19,964 5.7
Underlying operating profit 738 671 10.0
Underlying profit before tax 665 610 9.0
Profit before tax 827 733 12.8
Profit after tax 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
Full year dividend per share 15.1p 14.2p 6.3

Notes

Underlying operating profit: underlying profit before tax before underlying net finance costs and share of underlying post-tax results from joint ventures.

Underlying profit before tax: profit before tax from continuing operations before any gain or loss on the disposal of properties, investment property fair value movements, impairment of goodwill, financing fair value movements, IAS 19 pension financing (credit)/charge and one-off items that are material and infrequent in nature.

Underlying basic earnings per share: underlying profit, net of attributable taxation, divided by the weighted average number of ordinary shares in issue during the period, excluding those held by the ESOP trusts, which are treated as cancelled.