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Five year financial record

  2011 2010 2009 2008 2007
Financial results (£m)          
Sales (including VAT, including fuel) 22,943 21,421 20,383 19,287 18,518
Underlying operating profit          
Retailing 738 671 616 535 429
Sainsbury’s Bank 2
  738 671 616 535 431
Underlying net finance costs1,2 (97) (79) (113) (99) (92)
Share of post-tax profit/(loss) from joint ventures 24 18 16 (2)
Underlying profit before tax1,2,3 665 610 519 434 339
Increase on previous year (%) 9.0 17.5 19.6 28.0 38.9
Retailing underlying operating profit margin (%) 3.50 3.36 3.26 3.00 2.54
Earnings per share          
Underlying basic (pence)1,3 26.5 23.9 21.2 17.4 13.0
Increase on previous year (%) 10.9 12.7 21.8 33.8 36.8
Proposed dividend per share (pence)4 15.10 14.20 13.20 12.00 9.75
Retail statistics for UK food retailing          
Number of outlets at financial year end          
over 55,000 sq ft sales area 64 45 34 24 20
40,001 – 55,000 sq ft sales area 124 125 130 130 124
25,001 – 40,000 sq ft sales area 155 156 153 161 167
15,000 – 25,000 sq ft sales area 113 115 108 100 98
under 15,000 sq ft sales area 478 431 367 408 379
  934 872 792 823 788
Sales area (000 sq ft) 19,108 17,750 16,703 16,191 15,715
Net increase on previous year (%)5 7.7 6.3 3.2 3.0 3.6
New stores5 68 89 29 35 40
Sales intensity (including VAT)5,6          
Per sq ft (£ per week) 20.04 20.42 20.01 19.69 19.30
 
  1. 2008/09 and prior periods are restated for the change in the definition of underlying profit before tax (“UPBT”). As communicated at the time of the 2008/09 year end announcement, the financing element of IAS 19 ‘Employee Benefits’ pensions accounting has been excluded from UPBT.
  2. Net finance costs pre-financing fair value movements, IAS 19 pension financing (charge)/credit and one-off items that are material and infrequent in nature.
  3. 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 (charge)/credit and one-off items that are material and infrequent in nature.
  4. Total proposed dividend in relation to the financial year.
  5. Includes all convenience stores and convenience acquisitions.
  6. 2008/09 and 2009/10 adjusted for comparative purposes to remove the dilutive effect of the temporary VAT reduction to 15 per cent between 1 December 2008 and 31 December 2009.