|Like-for-like sales (ex-fuel,
|Measures store based sales on the same basis as the previous year, excluding the impact of new store openings or store disposals. Also excluded is the impact of major refurbishments and extensions.
||Sales growth, particularly organic growth, is key to retail success and long term expansion.
||Our like-for-like sales were once again ahead of the market (source: Nielsen).
|UK grocery market share
See Market overview for more information
|The business' percentage of retail sales in the grocery sector.
||We aim to increase our share of the market year-on-year.
||Independent data (Kantar Worldpanel) shows that we have increased our market share during the period to 12.8%, an increase of 0.2% from last year.
||Measures the normal underlying business performance. Profits are adjusted to remove volatile or one-off costs. A reconciliation of underlying profit is provided in note 1 of the Group financial statements.
||The Directors consider that underlying profit provides additional useful information for shareholders on trading trends and performance.
||Underlying profit before tax increased by £102m to £869m, driven by strong like-for-like sales performance as well as store openings.
|Underlying basic earnings per share
||The EPS measure uses underlying profits as defined above. Calculated by taking underlying profit divided by the weighted average number of shares in issue.
||Our earnings should meet the expectations of our shareholders and as such we aim to improve sales and margins whilst investing for long term growth.
||Underlying basic earnings per share have increased 12% to 23.0p.
||Calculated as underlying basic earnings per share divided by total dividend per share for the year.
||Our aim is that dividend cover will be the same as the average for the European food retail sector.
||Our dividend cover is 2.4 times, in line with the European food retail sector average. This has resulted in dividend growth of 17%.
||The Group's overall debt position at the year end. A summary of net debt is provided in note 25 of the Group financial statements.
||To maintain a strong investment grade balance sheet.
||Net debt has decreased by £107m, despite £592m capital investment. Our credit rating remains one of the strongest retail ratings in the world, at A3 for the second year running.
||Cash outflow on capital investment in the year.
||We commit to investing for the long term growth of the business and providing shareholders with forward guidance on our plans.
||As anticipated, capital expenditure was lower than the prior year, which had included the opening of a new regional distribution centre and a package of stores from the Co-op.