In the 13 week period to 28 October 2006, total sales increased by 12.5% at constant exchange rates; and on a reported basis by 7.0% to 235.5 million pounds (13 weeks to 29 October 2005: 220.0 million pounds). Like for like sales were up by 6.5%. US operating profit was up by 16.9% at constant exchange rates, and on a reported basis rose by 2.1% to 9.7 million pounds (13 weeks to 29 October 2005: 9.5 million pounds). The operating margin was 4.1% (13 weeks to 29 October 2005: 4.3%).
In the 39 week period, total sales advanced by 12.6% at constant exchange rates, and by 13.3% on a reported basis to 860.4 million pounds (39 weeks to 29 October 2005: 759.6 million pounds).
Like for like sales rose by 6.9%. US operating profit was up by 11.0% at constant exchange rates, and by 11.6% on a reported basis to 78.8 million pounds (39 weeks to 29 October 2005: 70.6 million pounds).
As expected the gross margin was down in line with the first half as a result of commodity cost increases and changes in the sales mix, partially offset by supply chain initiatives and selective price increases; the trend in the fourth quarter is anticipated to be similar.
The operating margin was 9.2% (39 weeks to 29 October 2005: 9.3%). The bad debt charge was 2.9% of total sales (39 weeks to 29 October 2005: 3.2%).
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