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News Flash
Group sales up; we can do better - Tesco Chief Executive
19 Apr '11
4 min read
The UK segment excludes Tesco Bank, which is reported separately in accordance with IFRS8 'Operating Segments'.
Excludes the accounting impact of IFRIC 13 (Customer Loyalty Programmes). Trading margin is based on revenue excluding the accounting impact of IFRIC 13.
Trading profit excludes property profits and makes the same additional adjustments as our underlying profit measure, except for the impact of non-cash elements of IAS 32 and 39, and the interest element of IAS 19. More information can be found in Note 2 to the preliminary consolidated financial information.
Underlying profit excludes the impact of non-cash elements of IAS 17, 19, 32, and 39 (principally the impact of annual uplifts in rents and rent-free periods, pension costs, and the marking to market of financial instruments); the amortisation charge on intangible assets arising on acquisition and acquisition costs, and the non-cash impact of IFRIC 13. It also excludes costs relating to restructuring (USA and Japan), closure costs (Vin Plus) and the impairment of goodwill in Japan.
Group Results
Group sales, including VAT, increased by 8.1% to £67.6bn. At constant exchange rates, sales increased by 6.6% (including petrol) and 6.0% (excluding petrol).
Group trading profit was £3,679m, up 7.8% on last year and Group trading margin, at 6.0%, increased by 4 basis points. Underlying profit before tax rose to £3,813m, an increase of 12.3%. Before property, underlying profit before tax grew by 12.2%. On a statutory basis, Group operating profit rose by 10.2% to £3,811m. Group profit before tax increased 11.3% to £3,535m.
Net finance costs increased to £333m (£314m last year). However, before the non-cash IAS 19, 32, and 39 adjustments, actual net interest cost fell by £83m to £334m. This reflects the continued reduction in net debt.
Total Group tax has been charged at an effective rate of 24.4% (last year 26.4%). This reduction was largely driven by a reduction in the rate of UK corporation tax, and a lower Japan impairment than last year. We expect the tax rate for 2011/12 to be broadly unchanged.
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Excludes the accounting impact of IFRIC 13 (Customer Loyalty Programmes). Trading margin is based on revenue excluding the accounting impact of IFRIC 13.
Trading profit excludes property profits and makes the same additional adjustments as our underlying profit measure, except for the impact of non-cash elements of IAS 32 and 39, and the interest element of IAS 19. More information can be found in Note 2 to the preliminary consolidated financial information.
Underlying profit excludes the impact of non-cash elements of IAS 17, 19, 32, and 39 (principally the impact of annual uplifts in rents and rent-free periods, pension costs, and the marking to market of financial instruments); the amortisation charge on intangible assets arising on acquisition and acquisition costs, and the non-cash impact of IFRIC 13. It also excludes costs relating to restructuring (USA and Japan), closure costs (Vin Plus) and the impairment of goodwill in Japan.
Group Results
Group sales, including VAT, increased by 8.1% to £67.6bn. At constant exchange rates, sales increased by 6.6% (including petrol) and 6.0% (excluding petrol).
Group trading profit was £3,679m, up 7.8% on last year and Group trading margin, at 6.0%, increased by 4 basis points. Underlying profit before tax rose to £3,813m, an increase of 12.3%. Before property, underlying profit before tax grew by 12.2%. On a statutory basis, Group operating profit rose by 10.2% to £3,811m. Group profit before tax increased 11.3% to £3,535m.
Net finance costs increased to £333m (£314m last year). However, before the non-cash IAS 19, 32, and 39 adjustments, actual net interest cost fell by £83m to £334m. This reflects the continued reduction in net debt.
Total Group tax has been charged at an effective rate of 24.4% (last year 26.4%). This reduction was largely driven by a reduction in the rate of UK corporation tax, and a lower Japan impairment than last year. We expect the tax rate for 2011/12 to be broadly unchanged.
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Tesco plc
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