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Key performance measures

2009
52 weeks		 2008
52 weeks		 2007
52 weeks		 2006
52 weeks		 2005
52 weeks
Gross margin1 Gross profit/ 37.2% 38.6% 38.9% 38.3% 34.7%
Revenue
Net margin1 Operating profit/ 9.6% 13.4% 12.2% 10.9% 8.0%
Revenue
Net margin excluding property disposals and exceptional items 8.5% 12.1% 12.2% 11.0% 8.7%
Profitability1 Profit before tax/ 7.8% 12.5% 10.9% 9.6% 6.7%
Revenue
Profitability excluding property disposals and exceptional items 6.7% 11.2% 11.2% 9.6% 7.4%
Basic earnings per share1 Basic earnings/ 32.3p 49.2p 39.1p 31.3p 17.6p
Weighted average ordinary shares in issue
Earnings per share adjusted for property disposals and exceptional items1 28.0p 43.6p 40.4p 31.4p 19.2p
Dividend per share declared in respect of the year 17.8p 22.5p 18.3p 14.0p 12.1p
Dividend cover Profit attributable to shareholders/ 1.8x 2.3x 2.1x 2.2x 2.9x
Dividend payable
Return on equity2 Profit attributable to shareholders/ 25.2% 45.6% 46.3% 50.0% 35.1%
Average equity shareholders’ funds
Retail gearing2 Retail debt + net post-retirement liability/ 60.9% 64.0% 59.1% 68.8% 76.2%
Retail debt + net post-retirement liability + retail shareholders’ funds
Retail fixed charge cover Operating profit before depreciation and operating lease charges/ 3.5x 5.3x 5.9x 4.9x 4.1x
Fixed charges3
Net debt4 (£m) 2,490.8 3,077.7 1,949.5 1,729.3 2,147.7
Capital expenditure (£m) 652.0 1,054.5 792.4 337.7 229.4
  1. Based on continuing operations.
  2. Retail shareholders’ funds for 2005 and 2006 have been restated to recognise £48.4m of additional tax assets and reserves, following the change in external interpretation of IAS 12 – ‘Income Taxes’.
  3. Fixed charges are defined as net interest payable and operating leases payable.
  4. Excludes accrued interest.