Financial performance

Financial performance

Here is an overview of our financial performance. More detailed information is available in the Investor section.

Summary income statement 52 weeks to 17 March 2012	2012 £m	2011 £m	Change %
Sales (including VAT)⁽¹⁾	24,511	22,943	6.8
Sales (excluding VAT)	22,294	21,102	5.6
Underlying operating profit	789	738	6.9
Underlying net finance costs⁽²⁾	(109)	(97)	(12.4)
Underlying share of post-tax profit from JVs⁽³⁾	32	24	33.3
Underlying profit before tax	712	665	7.1
Profit on disposal of properties	83	108	n/a
Investment property fair value movements	-	39	n/a
Financing fair value movements	(16)	7	n/a
IAS 19 pension financing credit/(charge)	17	3	n/a
One-off items	3	5	n/a
Profit before tax	799	827	(3.4)
Income tax expense	(201)	(187)	(7.5)
Profit for the financial period	598	640	(6.6)
Underlying basic earnings per share	28.1p	26.5	6.0
Basic earnings per share	32.0p	34.4	(7.0)
Dividend per share	16.1p	15.1	6.6

The standard rate of VAT increased from 17.5 per cent to 20.0 on 4 January 2011.
Net finance costs before financing fair value movements and the IAS 19 pension financing element.
The underlying share of post-tax profits from joint ventures is stated before investment property fair value movements and financing fair value movements.

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