Contents

ANNUAL REPORT HOMEPAGE


CORPORATE STRATEGY


FINANCIAL HIGHLIGHTS


CHAIRMANS STATEMENT

Introduction

Performance

Clubcard

Wm Low

Store dev. programme

Europe

Community involvement

Board appointments

Dividends

Current trading

Conclusion


BUSINESS REVIEW

Customer loyalty

Value for money

Customer service

Product offer 1

Product offer 2

Store format

Environmental responsibilities


BOARD OF DIRECTORS


FINANCIAL REVIEW

UK operating performance

Europe

Group profit before tax

Taxation

Store development and capital expenditure

Cash flows

Shareholder returns and dividends

Treasury management


ACCOUNTS