Financial performance

Sainsburys store in Dawlish, Devon

Financial performance

Here is an overview of our financial performance. More detailed information is available in the 5 year summary.

Summary income statement2015
£m
2014
£m

 Change %

Group Sales (inc VAT) (1) 26,122 26,353 (0.9)
Retail Sales (including VAT) 25,813 26,328 (2.0)
Retail Sales (excluding VAT) 23,443 23,921 (2.0)
Underlying retail operating profit 720 873 (17.5)
Underlying Financial Services operating profit 62  6 933.3 
Underlying net finance costs(2) (107) (111) 3.6 
Underlying share of post-tax profit from JVs(3) 6 30 (80.0)
Underlying profit before tax(4) 681 798 (14.7)
Profit on disposal of properties 7 52  
Investment property fair value movements 7  -   
Retail financing fair value movements (30) (8)  
IAS 19 pension financing charge (31) (23)  
DB pension scheme expenses(5) (6) (7)  
Acquisition adjustments 13 18  
One-off items (713) 68   
Loss/Profit before tax (72) 898 (108.0)
Income tax expense (94) (182) 48.4
Profit for the financial period (166) 716 (123.2)
Underlying basic earnings per share 26.4p 32.8p (19.5)
Basic (loss)/earnings per share (8.7p) 37.7p (123.1)
Dividend per share 13.2p 17.3p (23.7)
  1. Underlying group sales excludes a £23m acquisition adjustment fair value unwind
  2. Net finance costs before financing fair value movements and the IAS 19 pension financing charge
  3. The underlying share of post-tax profits from joint ventures is stated before investment property fair value movements and financing fair value movements
  4. 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 pension financing charge, acquisition adjustments and one-off items that are material and infrequent in nature
  5. Taken outside underlying following the changes to IAS 19 and closure of DB scheme to future accrual