Preliminary Results 2014/15

22 April 2015

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Colleague interview with Dave Lewis and Alan Stewart video

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  • £1.4bn Group trading profit, in line with expectations
  • UK like-for-like sales volumes up for first time in over four years, driven by better availability, service and pricing; like-for-like sales performance improved to (1.0)% in Q4
  • Significant reduction in UK trading profit, as previously announced
  • Tough trading conditions overseas, especially in Korea; disappointing performance in Europe
  • Transformation programme outlined in January progressing well; portfolio review ongoing
  • £(7.0)bn one-off charges, predominantly non-cash; includes £(4.7)bn fixed asset impairment, reflecting challenging industry conditions and profit decline
  • Pension deficit funding plan agreed with Trustee, comprising cash contributions of £270m per annum
  • No final dividend, as previously announced
  • Enhanced disclosure, including property valuation/ownership and commercial income
  • Reiterating commitment to reinvest any savings or outperformance into further improvements for customers