Financial performance

	2012	2011	2010	2009	2008
Financial results (£m) Sales (including VAT, including fuel)	24,511	22,943	21,421	20,383	19,287
Underlying operating profit	789	738	671	616	535
Underlying net finance costs^1,2	(109)	(97)	(79)	(113)	(99)
Share of post-tax profit/(loss) from joint ventures	32	24	18	16	(2)
Underlying profit before tax^1,2,3	712	665	610	519	434
Increase on previous year (%)	7.1	9.0	17.5	19.6	28.0
Underlying operating profit margin (%)	3.54	3.50	3.36	3.26	3.00
Earnings per share
Underlying basic (pence)^1,3	28.1	26.5	23.9	21.2	17.4
Increase on previous year (%)	6.0	10.9	12.7	21.8	33.8
Proposed dividend per share (pence)⁴	16.10	15.10	14.20	13.20	12.00
Retail statistics for UK food retailing Number of outlets at financial year end
over 55,000 sq ft sales area	81	64	45	34	24
40,001 - 55,000 sq ft sales area	123	124	125	130	130
25,001 - 40,000 sq ft sales area	152	155	156	153	161
15,000 - 25,000 sq ft sales area	115	113	115	108	100
under 15,000 sq ft sales area	541	478	431	367	408
	1,012	934	872	792	823
Sales area (000 sq ft)	20,347	19,108	17,750	16,703	16,191
Net increase on previous year (%)⁵	6.5	7.7	6.3	3.2	3.0
New stores⁵	92	68	89	29	35
Sales intensity (including VAT)^5,6
Per sq ft (£ per week)	19.47	20.04	20.42	20.01	19.69

2008/09 and prior periods are restated for the change in the definition of underlying profit before tax ("UPBT"). As communicated at the time of the 2008/09 year end announcement, the financing element of IAS 19 'Employee Benefits' pensions accounting has been excluded from UPBT.
Net finance costs pre-financing fair value movements, IAS 19 pension financing (charge)/credit and one-off items that are material and infrequent in nature.
Profit before tax from continuing operations before any gain or loss on the disposal of properties, investment property fair value movements, impairment of goodwill, financing fair value movements, IAS 19 pension financing (charge)/credit and one-off items that are material and infrequent in nature.
Total proposed dividend in relation to the financial year.
Includes all convenience stores and convenience acquisitions.
2008/09 and 2009/10 adjusted for comparative purposes to remove the dilutive effect of the temporary VAT reduction to 15 per cent between 1 December 2008 and 31 December 2009.