Financial performance

Sainsburys store in Dawlish, Devon

Financial performance

Group performance2014/15
£m
2013/14
£m
Change
%
Underlying results   
Group Sales (inc VAT) (1,2) 26,122 26,353 (0.9)
Retail Sales (inc VAT, inc fuel) (3) 25,813 26,328 (2.0)
Retail Sales (inc VAT, ex fuel)     (0.2)
Retail operating profit (4) 720 873 (17.5)
Financial Services operating profit (5) 62 933.3 
Net finance cost (6) (107) (111) 3.6 
Share of JV profits (7) 6 30 (80.0)
Profit before tax (8) 681 798 (14.7)
Tax rate (9) 25.8% 21.9% 391 bps
Basic earnings per share (10) 26.4p 32.8p (19.5)
Full year dividend per share 13.2p 17.3p (23.7)
Statutory results   
Items excluded from underlying results (753) 100  
Profit before tax (72) 898  
  1. Underlying Group Sales (ex VAT): £23,752m (2013/14: £23,946m)
  2. Underlying Group Sales (inc VAT): Excludes a £23m (2013/14: £3m) acquisition adjustment fair value unwind relating to the acquisition of Sainsbury's Bank
  3. Retail Sales: (ex VAT) £23,921m
  4. Underlying retail operating profit: Underlying profit before tax, underlying net finance costs and share of underlying post-tax results from joint ventures
  5. Underlying Financial Services operating profit:  Underlying profit before tax, 12 months to 28 February 2015
  6. Underlying net finance costs: Net finance costs before financing fair value movements and the IAS 19 pension financing charge
  7. Underlying share of post-tax results from joint ventures: 50% share of post-tax results from joint ventures before investment property fair value movements, financing fair value movements, profit on disposal of properties and Sainsbury's Bank one-off costs
  8. Underlying profit before tax: Profit before tax before any profit or loss on disposal of properties, investment property fair value movements, retail financing fair value moments, impairment of goodwill, IAS 19 pension financing element, acquisition adjustments and one-off items that are material and infrequent in nature
  9. Underlying tax: Tax attributable to underlying profit before tax
  10. 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 ESOP trusts which are treated as cancelled