Year ended February 1992 1993 1994 1995 1996
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Financial statistics £m
Turnover excluding VAT
UK 7,097 7,581 8,347 9,655 11,560
Rest of Europe - - 253 446 534
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7,097 7,581 8,600 10,101 12,094
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Operating profit (2)
UK 434 496 513 600 713
Rest of Europe - - 8 17 11
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434 496 521 617 724
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Operating margin (3) -------------------------------------------------------
UK 6.1% 6.5% 6.1% 6.2% 6.2%
Rest of Europe - - 3.2% 3.8% 2.1%
Total group 6.1% 6.5% 6.1% 6.1% 6.0%
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Net interest (payable)/receivable 66 31 7 (22) (43)
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Underlying profit(4) 500 527 528 595 681
Net margin (3) 7.0% 7.0% 6.1% 5.9% 5.6%
Wm Low integration costs - - - (39) -
Net (loss)/surplus on disposal of fixed assets(5) 1 (2) (93) (5) (6)
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Profit before taxation 501 525 435 551 675
Taxation (150) (163) (136) (170) (209)
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Profit after taxation 351 362 299 381 466
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Underlying fully diluted earnings
per share (4) 17.8p 18.3p 18.8p 20.1p 21.9p
Earnings per share 18.1p 18.6p 15.2p 18.9p 22.2p
Dividends per share 6.30p 7.10p 7.75p 8.60p 9.60p
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Net worth - £m (6) 2,410 2,693 2,749 3,104 3,588
Return on shareholders’ funds (7) 22.1% 20.7% 19.4% 20.3% 20.4%
Return on capital employed (8) 17.7% 16.7% 15.7% 16.2% 16.9%
Net assets per share (9) 124p 138p 140p 151p 167p
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UK food retail productivity £
Turnover per employee (10) 119,246 130,612 138,658 140,842 143,335
Profit per employee (10) 7,292 8,545 8,522 8,752 8,841
Wages per employee (10) 12,250 13,172 13,922 13,941 13,948
Weekly sales per sq ft ( 11&12) 15.47 15.69 16.37 17.00 18.31
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UK food retail statistics
Market share in food & drink shops (13) 10.2% 10.4% 10.7% 12.0% 13.6%
Number of stores 396 412 430 519 545
Total sales area - ’000 sq ft (12) 9,661 10,352 11,006 12,641 13,397
Sales area opened in year - ’000 sq ft 889 859 790 830 685
Average store size (sales area) - sq ft (14) 24,400 25,200 25,700 24,900 25,600
Average sales area of stores
opened in year - sq ft (14) 35,500 35,400 33,100 28,200 30,700
Full-time equivalent employees (15) 59,519 58,046 60,199 68,552 80,650
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Share price - pence
Highest 296 293 260 255 338
Lowest 207 197.5 179 202 245
Year end 271 235 223.5 252 271
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Notes
- 53 week period.
- Depreciation of freehold and long leasehold buildings was introduced with effect from 1993/94. In order to compare profits, earnings per share and returns on a consistent basis, a notional charge has been calculated as if buildings depreciation had been introduced from 1991/92.
- Based upon turnover exclusive of VAT.
- Underlying profit and fully diluted earnings per share is after charging notional buildings depreciation and excludes net (loss)/surplus on disposal of fixed assets and Wm Low integration costs.
- Net (loss)/surplus on the disposal of fixed assets for 1994 includes £85m in respect of the write down of surplus development sites to their estimated net realisable value.
- Total shareholders’ funds at the year end.
- Underlying profit divided by weighted average shareholders’ funds.
- Operating profit divided by average capital employed.
- Based on number of shares at year end.
- Based on turnover exclusive of VAT,
operating profit and total staff cost per full-time equivalent employee.
- Based on weighted average sales area and turnover inclusive of VAT.
- Store sizes exclude lobby and restaurant areas.
- Based on Tesco food, grocery, non-food and drink sales and Institute of Grocery Distribution/Department of Trade and Industry data for the year to the previous December. The figures have all been restated following a change in the IGD market definition. The figures for 1995 and 1996 are estimated.
- Average store sizes exclude Metro and Express stores.
- Based on average number of full-time equivalent employees in the United Kingdom.
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