Strong first half results, building on performance of last year
- Profit before tax and adjusting items up 17.2% at £407.8m (2023/24: £348.1m)
- Statutory profit before tax of £391.9m (2023/24: £325.6m)
- Food sales up 8.1%; adjusted operating profit £213.1m (2023/24: £158.4m) and margin of 5.1%
- Clothing & Home sales up 4.7%; adjusted operating profit £242.2m (2023/24: £240.9m) and margin of 12.0%
- Ocado Retail JV share of adjusted loss £16.0m (2023/24: £23.4m adjusted loss)
- International constant currency sales down 10.3%; adjusted operating profit £15.2m (2023/24: £32.4m)
- Adjusted return on capital employed increased to 15.0% (2023/24:13.2%)
Consistent execution
- Food volume and value share growth for four years running. H1 growth driven by produce, meat and dairy and a strong programme of innovation. Strongest value perception in over a decade.
- Consecutive monthly market share growth in Clothing for four years. H1 growth driven by Womenswear. Full price sales mix broadly level with last year. Style perception continuing to improve.
- New UK stores and renewals trading ahead of forecast. Increasing site acquisition to accelerate store rotation.
- Digital investment to improve product planning and the online experience in Clothing & Home and forecasting, ordering and allocation in Food.
- Structural cost reductions on track, with c.£60m saved in the period, largely offsetting cost inflation.
- Building on benefits of Gist integration, focus now turns to investing in the network and increasing capacity.
- International reset underway under new leadership team.
- Strong financial position, with investment grade credit metrics reinforced. £190.3m bonds repurchase complet
