Group results 2018/19
52 weeks ended 23 February 2019
On a continuing operations basis
|Year-on-year change (Actual exchange rates)|
(exc. VAT, exc. fuel)(b)
|Revenue (exc. VAT, inc. fuel)||£63,911m||£57,493m||11.0%||11.2%|
|Group operating profit(c)||£2,206m||£1,646m||33.5%||34.0%|
|UK & ROI||£1,537m||£1,059m||45.0%||45.1%|
|Include exceptional items and amortisation of acquired intangibles||£(53)m||£193m|
|Group statutory operating profit||£2,153m||£1,839m||16.7%||17.1%|
|Group profit before tax before exceptional items, amortisation of acquired intangibles, net pension
finance costs and fair value remeasurements of financial instruments
|Group statutory profit before tax||£1,674m||£1,300m||28.8%|
|Diluted EPS before exceptional items, amortisation of acquired intangibles, net pension finance costs and fair
value remeasurements of financial instruments
|Statutory diluted EPS||13.55p||12.11p|
|Statutory basic EPS||13.65p||12.15p|
|Dividend per share||5.77p||3.00p||92.3%|
|Cash generated from retail operations(e)||£2.5bn||£2.8bn|
- Last year figures restated for impact of IFRS 15 ‘Revenue from contracts with customers’. Impacts include a £2m increase in revenue and operating profit.
- Group sales exclude VAT and fuel. Sales growth shown on a comparable days basis.
- Excludes amortisation of acquired intangibles and excludes exceptional items by virtue of their size and nature in order to reflect management’s view of underlying performance.
- Capex is shown excluding property buybacks. Statutory capital expenditure (including property buybacks) was £1.2bn (2017/18: £1.5bn).
- Net debt, retail operating cash flow and retail free cash flow exclude the impact of Tesco Bank in order to provide further analysis of the retail cash flow statement.
- Net debt includes both continuing and discontinued operations.
The definition and purpose of the Group’s alternative performance measures, which includes like-for-like sales, are defined on pages 178 to 181. A detailed analysis of discontinued operations can be found in Note 7.