On 21 September, when we launched the Tender Offer, the company gave a trading update for the 10 weeks to 18 September 2004. Today, we are issuing our 12 week UK Retail Sales figures for the period to 2 October 2004 as part of our normal reporting cycle. In addition, we are providing guidance on the unaudited first half Group profit before tax and exceptionals to ensure that shareholders have full information within the Tender Offer period.
UK Retail Sales
UK Retail Sales for the 12 weeks to 2 October 2004 and 26 weeks to 2 October 2004 are shown below. Given that the 2003/04 financial year was for a 53 week trading period, the figures have been produced both on a financial accounting basis and, to avoid distortion, on a comparable trading week basis.
On a comparable trading period basis, for the two week period from 18 September 2004 to 2 October 2004, Total Clothing and Home sales were steady. Sales in Food were slightly lower.
| |
10 weeks to 18 September 2004 (vs 10 weeks to 13 September 2003) |
12 weeks to 2 October 2004 (vs 12 weeks to 27 September 2003) |
26 weeks to 2 October 2004 |
| Financial accounting basis |
Actual % on LY |
Like for like % on LY |
Actual % on LY |
Like for like % on LY |
Actual % on LY |
Like for like % on LY |
| Clothing |
-5.4 |
|
-3.6 |
|
-1.9 |
|
| Home |
-20.8 |
|
-21.4 |
|
-16.7 |
|
| Total Clothing & Home |
-7.1 |
-9.2 |
-5.5 |
-7.6 |
-3.5 |
-5.5 |
| Food |
+2.9 |
-2.5 |
+2.9 |
-2.8 |
+3.4 |
-2.1 |
| Total |
-2.7 |
-6.3 |
-1.8 |
-5.5 |
-0.5 |
-4.0 |
Source: unaudited management accounts
| |
10 weeks to 18 September 2004 (vs 10 weeks to 13 September 2003) |
12 weeks to 2 October 2004 (vs 12 weeks to 27 September 2003) |
26 weeks to 2 October 2004 |
| Comparable trading week basis |
Actual % on LY |
Like for like % on LY |
Actual % on LY |
Like for like % on LY |
Actual % on LY |
Like for like % on LY |
| Clothing |
-3.9 |
|
-3.7 |
|
-2.3 |
|
| Home |
-19.8 |
|
-21.4 |
|
-17.1 |
|
| Total Clothing & Home |
-5.6 |
-7.7 |
-5.6 |
-7.7 |
-3.9 |
-5.9 |
| Food |
+3.5 |
-2.0 |
+3.1 |
-2.6 |
+3.4 |
-2.1 |
| Total |
-1.6 |
-5.2 |
-1.8 |
-5.5 |
-0.7 |
-4.2 |
Source: unaudited management accounts
Profit Before Tax
Unaudited Group profit before tax and exceptionals for the 26 weeks to 2 October 2004 is expected to be between £285m to £295m compared with £325m* for the same period last year. This is within the range of current market forecasts.
Full details of the Interim Results will be published, as previously timetabled, on 9 November 2004.
* Figures restated due to FRS17, 'Retirement Benefits' and Application note G of FRS5, 'Revenue Recognition'
Exceptionals
As stated in the Preliminary Results statement on 25 May 2004 and our operational review on 12 July 2004, we expect to take exceptional charges for the closure of the Lifestore concept, including the Gateshead store; our Head Office move to Paddington Basin; the Head Office restructuring programme, and Bid Defence costs. These exceptional charges are expected to be around £80m in the first half.
Return of Capital
As previously announced, implementation of the Tender Offer requires the approval of Shareholders at an Extraordinary General Meeting to be held at 11.00 a.m. on Friday 22 October 2004 at Wembley Conference Centre, Stadium Way, Wembley HA9 0DW.
-Ends-
Contacts:
Investor Relations: Amanda Mellor +44 (0)20 8718 3604
Damian Evans +44 (0)20 8718 1563
Corporate Press Office: 020 8718 1919
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