1996		  1995 
52 weeks ended 24 February 1996 				Note	    £m		    £m
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Sales at net selling prices 					1 	13,028 		10,877 
Value added tax 							   934 		   776
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Turnover excluding value added tax 				1&2	12,094 		10,101
Operating expenses 						2 	11,341 		 9,498
Employee profit sharing						3	    29 		    25
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Operating profit						1&2 	   724 		   578 
Net loss on disposal of fixed assets 				4 	    (6) 	    (5) 
Net interest payable 						7 	   (43) 	   (22)
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Profit on ordinary activities before taxation			4	-----------------------
Profit before net loss on fixed assets and integration costs 		|  681 		   595 |
Wm Low integration costs 						|    - 		   (39)| 
Net loss on disposal of fixed assets 					|   (6) 	    (5)|
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									   675 		   551

Tax on profit on ordinary activities 				8 	   209 		   170
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Profit on ordinary activities after taxation				   466 		   381 
Minority equity interests						     - 		     1 
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Profit for the financial year 						   466 		   380

Dividends 							9 	   206 		   177 
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Retained profit for the financial year 				24 	   260 		   203
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									 pence 		 pence
									-----------------------
Earnings per share 						10 	  22.2 		  18.9
Adjustment for integration costs after taxation 			     - 		   1.5 
Adjustment for net loss on disposal of fixed assets after taxation 	   0.3 		   0.3 
									-----------------------
Adjusted earnings per share 					10 	  22.5 		  20.7
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Fully diluted earnings per share 				10 	  21.6 		  18.4 
Adjustment for integration costs after taxation 			     - 		   1.4 
Adjustment for net loss on disposal of fixed assets after taxation 	   0.3 		   0.3 
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Adjusted fully diluted earnings per share 			10 	  21.9 		  20.1
									-----------------------

Dividends per share 						9 	  9.60 		  8.60
									-----------------------