Financial performance

Sainsburys store in Dawlish, Devon

Financial performance

Group performance2013/14
£m
2012/13
£m (1)
Change
%
Underlying results   
Group Sales (inc VAT) (2,3) 26,353 25,632 2.8
Retail Sales (inc VAT) (4) 26,328 25,632 2.7
Retail Sales (inc VAT, ex fuel)     2.7
Retail operating profit (5) 873 831 5.1
Financial Services operating profit (6) 6    
Net finance cost (7) (111) (111)  
Share of JV profits (8) 30 38 (21.1)
Profit before tax (9) 798 758 5.3
Tax rate (10) 21.9% 23.6% 168 bps
Basic earnings per share (11) 32.8p 30.8p 6.5
Full year dividend per share 17.3p 16.7p 3.6
Statutory results   
Items excluded from underlying results 100 14 614.3
Profit before tax 898 772 16.3
  1. Restated for IAS 19 Revised
  2. Group Sales: (ex VAT) £23,946m (2012/13: £23,303m)
  3. Underlying Group Sales (inc VAT):  Excludes a £3m acquisition adjustment fair value unwind
  4. Retail Sales:  (ex VAT) £23,921m (2012/13: £23,303m)
  5. Underlying retail operating profit: Underlying profit before tax, underlying net finance costs and share of underlying post-tax results from joint ventures
  6. Underlying Financial Services operating profit:  Underlying profit before tax - four weeks fully consolidated, 46 weeks accounted for as a Joint Venture
  7. Underlying net finance costs: Net finance costs before financing fair value movements and the IAS 19 Revised pension financing charge
  8. Underlying share of post-tax results from joint ventures: 50% share of post-tax results from joint ventures before investment property fair value movements and financing fair value movements
  9. Underlying profit before tax: Profit before tax from continuing operations before any profit or loss on disposal of properties, investment property fair value movements, retailing financing fair value movements, defined benefit pension scheme expenses, IAS 19 Revised pension financing charge, acquisition adjustments and one-off items that are material and infrequent in nature
  10. Underlying tax: Tax attributable to underlying profit before tax
  11. Underlying basic earnings per share: Profit after tax from continuing operations attributable to ordinary shareholders before any profit or loss on disposal of properties, investment property fair value movements, retailing financing fair value movements, defined benefit pension scheme expensess, IAS 19 Revised pension financing charge, acquisition adjustments and one-off items that are material and infrequent in nature, 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