RNS Number:3712R
Woolworths Group PLC
02 April 2008
Woolworths Group plc
Preliminary Results Announcement
for year ended 2 February 2008
Embargoed until 07.00 hrs on 2 April 2008
Financial Highlights
- Total Group revenue up 8.5 per cent at �2.97bn
- Adjusted profit* up 30 per cent at �28.3m (�21.8m)
- Profit before tax and exceptional items �14.9m (�7.3m)
- Profit before tax after exceptional items �11.7m (�16.0m)
- Basic earnings per share 0.5p (0.9p)
- Adjusted basic earnings per share** 1.4p (1.2p)
- Retail business returns to profitability
- Gross margin increased by over 100 basis points for the second year in a row
- Retail like-for-like sales down 3.2 per cent partly reflecting the
decision not to chase unprofitable sales
- Proposed final dividend of 0.17p per share (1.34p) taking the total
dividend for the year to 0.6p per share (1.77p)
Operating Highlights
- Worthit! continues to grow profitably
- Multichannel sales up 5.2 per cent
- Successful acquisition of new customers in the Entertainment Wholesale
business
- Successful completion of the Competition Commission enquiry into the
acquisition of Bertrams
- Record year for 2 entertain with an international platform established
- Successful refinancing of the business with four year asset based
lending facilities
Group Developments
- New Woolworths "better" brand launch planned
- Further store portfolio simplification - reducing footprint, sku's and costs
- EUK to build on its diversified customer and product base
* before tax, exceptional items, adjustment for fixed rental uplifts and
amortisation of certain intangible assets
**before exceptional items, adjustment for fixed rental uplifts and amortisation
of certain intangible assets
Richard North, Chairman, said:
"Against a difficult trading environment we have managed substantial change
across the Group as a whole. Nonetheless, the Board has taken the decision to
cut the dividend. Taking into account the Group's plans, the Board is
recommending a final dividend of 0.17p per share. At this lower level, the full
year dividend of 0.6p per share is covered 2.4 times by adjusted earnings and
provides a base from which to grow it as performance improves. The Board
believes that payment of a dividend at this level represents an appropriate
balance between providing a return to shareholders and preserving the financial
flexibility necessary to support the plans and ongoing development of the
business, over both the short and longer term."
Trevor Bish-Jones, Chief Executive, said:
"We have made good progress over the past year. We are particularly pleased that
Woolworths Retail has returned to profit in a year in which our markets remained
volatile and fiercely competitive.
"Given the advances made across the business last year and our plans to make
further improvements this year to the customer offer and the store portfolio,
while continuing to cut costs, we are well placed to make continued progress in
this financial year.
"Whilst current like-for-like sales are up against last year, the much earlier
Easter makes the like-for-like comparisons meaningless. It is early days and the
retail environment is likely to remain challenging in the current year. We will,
therefore, continue to manage the business tightly."
For further information contact:
Stephen East, Group Finance Director 020 7479 5179
Susanna Voyle, Tulchan Communications 020 7353 4200
Celia Gordon Shute, Tulchan Communications 020 7353 4200
1. Overview of Financial Performance
Against a difficult trading environment, we have managed both substantial change
and achieved profit improvement across the Group as a whole. The results reflect
a highly challenging retail environment and a year of change for our
Entertainment Wholesale business. They include a number of one-off costs and the
full year impact of a number of accounting changes. The full year benefit of
asset relifing was �14.7 million against �5.8 million in the prior year.
For the 52 weeks to 2 February 2008, profit before tax and exceptional items
increased to �14.9m from �7.3m in the prior year.
Adjusted profit (which is before tax, exceptional items, adjustment for fixed
rental uplifts and amortisation of certain intangible assets) increased from
�21.8 million to �28.3 million.
Basic earnings per share was 0.5 pence per share compared to 0.9 pence per share
in the previous year. Adjusted basic earnings per share (which removes the
effect of fixed rental uplifts, amortisation of certain intangible assets and
exceptional items) was 1.4 pence per share up from 1.2 pence per share last
year.
In the 52 weeks ended 2 February 2008, total Group revenue from continuing
operations was �2,969.6 million. This represents an 8.5 per cent increase over
the prior year. Each of our businesses made significant progress during the year
and overall the strategic positioning of the Group has been strengthened. At a
sales level, this was particularly evident in our Entertainment Wholesale
distribution business, where third party sales increased by 36.6 per cent over
the prior year, as new customers and acquisitions were integrated into the
business. 2 entertain, our music and video publishing joint venture with BBC
Worldwide, increased its third party sales by 21.2 per cent, particularly helped
by developing international sales. Whilst like-for-like sales at Woolworths were
down 3.2 per cent, gross margin improved by 101 basis points and costs were
contained below the prior year. This is the second year in a row that gross
margins have increased by over 100 basis points through active management of
sourcing, markdown and mix. The retail business did benefit by �10.9 million
(2007: �5.8 million) from the full year effect of relifing certain fixed assets;
and from property profits, some �5.0 million higher than last year. Nonetheless
adjusted profit improved by �16.3 million to �3.4 million.
The Group's average net debt increased from �113.0 million to �246.3 million,
reflecting the full year effect of the THE and Bertram acquisitions and the
increased working capital requirements of the enlarged Entertainment Wholesale
business.
Capital expenditure in the Retail business reduced from �62.4 million to �33.3
million, reflecting the completion in the prior year of the 10/10 store refit
programme.
A final dividend of 0.17 pence per share has been recommended by the Board. This
will be paid, subject to shareholders' consent, on 25 June 2008 to shareholders
on the register at close of business on 11 April 2008. This proposed dividend
together with the interim dividend of 0.43 pence per share paid on 12 December
2007 brings the total dividend for the year to 0.6 pence per share, compared
with a total of 1.77 pence per share in the prior year. This level of full year
dividend is covered 2.4 times by Adjusted Profit after tax and at this level
forms a base from which to grow with further improvement in profitability.
Going forward it is intended that the Group's interim dividend will continue to
be paid in December and the final dividend in June/July with approximately 20
per cent being paid at the interim stage.
2. Operating Review
Retail
The key focus of the year at Woolworths was to return the business to
profitability and establish a profit base on which to build. The adjusted profit
was �3.4 million compared with a loss of �12.9 million in the prior year. This
turnaround was due to further enhancement of gross margins, rigorous control of
costs, the full year benefit of asset relifing, continued exploitation of the
property portfolio and active management away from loss-making categories.
Total like-for-like sales declined by 3.2 per cent largely for the following
reasons:
Firstly, and most materially, just over half of the decline in like-for-like
sales was due to the decision not to chase unprofitable sales, particularly of
electrical and computing products. These markets are highly competitive, with
the internet allowing easy price comparisons. As a consequence, gross margins
are low. Add to this the high servicing costs of delivery, technical support and
customer returns and the overall net profitability can be negligible or often
negative.
Secondly, Woolworths has historically been a leading beneficiary of shopping
voucher redemptions bought via savings clubs. Following the bad publicity
attached to the failure of Farepak in 2006, sales of vouchers fell dramatically.
We believe that this reduced like-for-like sales by 1.1 per cent.
Thirdly, the decision was taken not to advertise on TV during the Christmas
trading period to the same extent as prior years. While this held back sales,
the overall impact on Woolworths' profit and loss account was positive.
At a category level, the strongest area of the business was computer games.
Demand for new formats such as Nintendo Wii, Nintendo DS and Sony PS3 continued
to outstrip supply. We anticipate that this growth will continue and will more
than counter the decline in the traditional music market as was the case in 2007
/8. DVD's and Books both held up well in the year and we anticipate that this
will continue in the medium term.
In our Toy business, sales were held back as spend was diverted to computer
games, particularly when there was availability of Nintendo Wii and DS, which
appeal to the core Toy market age group. Younger age toy categories such as
pre-school were less susceptible and were our most buoyant Toy categories.
Another area of product success was the continued progress of our Ladybird
clothing ranges, where total unit sales surpassed the prior year and market
share continued to grow, albeit in a market experiencing price deflation.
Our Confectionery business also experienced deflationary price pressure. This
was particularly so in the gift market, where products tend to be used by the
supermarkets to drive value price perception. Against this backdrop, we
continued to seek to differentiate the Woolworths offer and were selective with
our price investment. In everyday Confectionery ranges, the launch of a full
range of Woolworths Worthit! sweets has provided a point of difference from the
competition and enhanced our value positioning, driving incremental volumes.
Across the entire business, the introduction of the entry price Worthit! range
has been very well received by customers. Rates of sale have been higher than
anticipated and maintaining availability in what is typically long lead time
product has sometimes been a challenge. In its peak week, Worthit! products
accounted for 7.9 per cent of total sales and 11.6 per cent of total
transactions. Following Christmas trading, it is now clear that Worthit!
products are relevant in seasonal as well as everyday ranges. The Worthit!
Christmas products such as trees, decorations and cards all sold out early in
the season. During the year 1,417 Worthit! lines were launched and we continue
to refine and develop the product and its sourcing. In 2008, a new range of
approximately 2,200 products branded "Woolworths" will be launched to provide
the logical "sell up" alternative to Worthit! This is designed to increase
sales, drive up basket spend and improve overall margins.
Multichannel
Following initial rapid growth and the establishment of a multichannel sales
base, we chose to move away from electricals, restricting headline sales growth
to 5.2 per cent. We traded toward higher margin categories and reduced unit
despatch costs by utilising the Woolworths distribution network instead of
couriers. Feedback on the Big Red Book catalogues continues to be very positive
with customers enjoying its manageable and focused Kids based offer. This
channel of business provides significant opportunity for the future, both in
terms of sales growth and a step change in profitability as fulfilment is
further integrated into the Woolworths network over the next two to three years.
Evolving the supply chain
We continued to make progress in enhancing our supply chain capability, in terms
of both the warehouse and transportation network, as well as increasing the
sophistication of the IT systems that drive replenishment. Over the Christmas
trading period, inventory levels were kept very tight to ensure sell through of
seasonal ranges and thereby reduce exposure to unplanned mark down. As at the
end of the first week of the January sales, inventory in Woolworths was some �61
million lower than the prior year and was of a superior quality.
Improving stock control was a contributory factor in enhancing margin, alongside
increased direct supply of product from the Far East, where shipments grew by 12
per cent. The lower cost prices achieved from greater use of direct supply
allowed us to improve our price competitiveness.
Overall margin increased by 101 basis points.
We believe that significant opportunity remains to enhance the profitability of
the business through a combination of increased direct sourcing, greater
efficiency in the distribution network and still further sophistication of the
IT systems that handle replenishment. The business is targeting a further 40
basis point improvement in margin and a reduction of �8 million in costs in the
coming year.
Capital Expenditure and Store Portfolio Management
During the year some �33.3 million of capital expenditure was invested including
the acquisition of four store freeholds, repairs, renewals and enhancements to
the physical estate, opening five new stores and refurbishing 10 older stores.
Trading from the newly opened stores has been encouraging. A programme of low
cost refurbishments in 77 stores has provided good levels of return.
Given the size and nature of the property portfolio, it is appropriate that it
is actively managed and we have achieved property profits from a number of
transactions including disposals, sublets, store cut downs or store swaps with
other retailers.
Retail Summary
The prime objective for the year was to enhance profitability. This was achieved
as we continued to improve cost performance, worked hard to deliver profitable
sales and continued to focus on enhancing both the service and product offer for
our customers. We now have a base on which to build for the coming years.
Entertainment Wholesale and Publishing
Entertainment Wholesale (EUK / Bertram / THE)
This was a pivotal year for the longer term development of the Entertainment
Wholesale business. Having made two acquisitions in the prior year and won two
new major accounts, there was a significant operational challenge for the
business to integrate the acquisitions, cease supply of CD's, DVD's and computer
games to Tesco and commence trading with the new customers.
During the year, key activities undertaken by the Entertainment Wholesale
division include:
- The integration of Bertrams following its acquisition in January 2007
- Securing clearance from the Competition Commission following its
investigation into the Bertrams acquisition
- The commencement of supply to Zavvi (formerly Virgin Megastores)
- The commencement of supply to Asda
- The closure of one warehouse and physical relocation of supply to other
EUK sites
Against this dynamic background, the business delivered sales growth of 36.6 per
cent, taking total third party sales to �1,176.6 million. An important part of
our development strategy was to increase exposure to both the Books and computer
games markets. This is important in the longer term as both markets are
inherently attractive in terms of size and growth prospects. They also have less
immediate threat from digital formats when compared to the music and DVD markets
which historically have made up the bulk of EUK's sales.
We have also sought to diversify the customer base in a progressive manner. Over
the last 2 years we have moved from having one dominant third party customer to
having a broad spectrum of customers, including six major third party customers,
who supply the consumer through a variety of traditional and non traditional
channels.
As a consequence of this considerable change programme, EUK, THE and Bertrams
incurred additional costs, some of which were exceptional and others that
resulted from the inefficiency associated with change. These costs held back
profitability but by their nature will not reoccur in the coming year and
accordingly we expect to make progress in 2008/9.
Having traded through its peak season, the enlarged business is now well placed
going forward. Without the distraction of business integration, we will be able
to focus on developing our customers' businesses, enhancing and differentiating
our service proposition and driving efficiency across our operations.
Another business stream that has developed well during the year is the supply to
the public library network through Bertram Library Services ("BLS"). Total BLS
sales increased by 6.7 per cent during the year.
It is inevitable that over time some of the markets which our Entertainment
Wholesale businesses serve will move from physical to digital delivery. In
readiness for this we continued to develop our digital capabilities. Having
already established a successful presence in digital music, supporting EUK's
retail customers and a network of digital jukeboxes, the key activity during the
year was to build the capability to offer new digital markets such as movie and
computer game downloads, alongside mobile phone content. Trialling this new
service offer began in early 2008.
Entertainment Publishing
2 entertain
2 entertain had an exceptionally good year. Total sales grew by 23.5 per cent
climbing to �240.7 million. Dividends received from the joint venture increased
by 59.5 per cent to �18.5 million. There were many successful product releases
during the year but undoubtedly the most significant was the release of "Planet
Earth" in the US which caught the imagination of the American consumer, yielding
excellent sales of both the high definition and normal resolution product. In
the relatively new high definition market, "Planet Earth" is the highest
grossing release to date.
In the UK, the best selling products were "Clarkson - Supercar Showdown" and the
"Top Gear Interactive DVD." Total DVD sales in the UK were marginally below the
overall market as there was no "runaway" success from the release schedule,
notwithstanding a broad spread of solidly performing titles.
The success of "Planet Earth" has helped develop the international component of
the business. International sales accounted for 46 per cent of total sales.
After North America, the next largest sales region is Australia / Far East,
where programmes like "Dr Who" and "Little Britain" continue to grow their
franchise.
Demon Music Group, the recorded music publishing subsidiary of 2 entertain, had
a very successful year, especially when set against the rapidly declining
traditional music market. Demon's core business is in producing budget and
mid-range compilations and it continues to capitalise on its strong
relationships with key retailers. New product ranges like "100 Hits", "The Red
Box" and "Music Club Deluxe" sold well and ensured that, despite lower sales
value than the previous year, strong volume sales and product mix drove a
favourable margin.
Banana Split Productions, the in-house production arm of 2 entertain, traded
solidly across the year and continues to occupy a niche position as a low cost
producer of video based content.
Entertainment Wholesale and Publishing Summary
Our Entertainment Wholesale business had a transformational year. We are now
positioned as a market leader in the supply of books and entertainment product.
A strong platform has been established which in the short term we shall exploit
by returning efficiency to the business, and longer term look to move into
adjacent markets as a route for growth.
2 entertain continued to develop during the year and whilst the success of "
Planet Earth" contributed significantly, the overall business continued to build
underlying profitability.
Outlook
We are cautious about consumer spending going forward and are therefore not
planning for the Woolworths business to grow its sales line. This is a sensibly
prudent approach to sales, notwithstanding the clear opportunities which exist
from increased exploitation of our multichannel capability and further
development of our in-house brands. A key focus of the retail business will be
further margin development set alongside a significant rebasing of cost levels
from business simplification. The key enabler for business simplification is a
reduced exposure to larger, over-spaced stores. We will now actively restrict
the maximum traded store footprint within the estate which will have a marked
impact on both central and store costs.
For the Entertainment Wholesale division, we anticipate overall a comparatively
benign market across the core categories, with growth in computer games more
than offsetting the decline in music. The key opportunity for EUK/Bertrams lies
in enhancing operational efficiency now that the integration of acquisitions and
new customers is complete. In this more stable position, many of the friction
costs experienced in this year will not be present, which will enhance
profitability.
At 2 entertain the key driver of success will be the quality of the release
schedule. Our unique and extensive relationships with key content providers puts
2 entertain in a good position to develop the business further.
Overall, across the Group we believe we enter 2008/9 with the businesses
strengthened relative to the prior year and well set up for the challenge ahead.
3. Financial Review
Earnings per Share and Dividend
Basic earnings per share was 0.5 pence per share compared to 0.9 pence per share
in the previous year. Adjusted basic earnings per share (which removes the
effect of fixed rental uplifts, amortisation of certain intangible assets and
exceptional items) was 1.4 pence per share up from 1.2 pence per share.
A final dividend of 0.17 pence per share has been recommended by the Board. This
will be paid, subject to shareholders' consent, on 25 June 2008 to shareholders
on the register at close of business on 11 April 2008. This proposed dividend
together with the interim dividend of 0.43 pence per share paid on 12 December
2007 brings the total dividend for the year to 0.6 pence per share, compared
with a total of 1.77 pence per share in the prior year. This level of full year
dividend is covered 2.4 times by Adjusted Profit after tax and at this level
forms a base from which to grow with further improvement in profitability.
Adjusted Retail Profit was �3.4 million, an improvement of �16.3 million on the
prior year loss of �12.9 million. Whilst the retail environment remained
challenging, the business benefitted from the investment and accounting changes
put in place during the prior year and the absence of one-off costs. The full
year benefit of asset relifing was �10.9 million (2007: �5.8 million).
Adjusted profits from Entertainment Wholesale and Publishing amounted to �54.8
million compared to �53.1 million in the previous year. This reflects a highly
successful year from 2 entertain, our joint venture with BBC Worldwide, offset
by a substantial reduction in the level of releases of historic accruals no
longer required. The adjusted profits of EUK together with THE and Bertram were
down �0.4 million on the previous year having benefitted by �3.8 million from
asset relifing.
Balance Sheet
Overall Group stock increased by �13.9 million to �391.0 million. This reflects
the growth of the Entertainment Wholesale and Publishing business, more than
offsetting the �1.9 million reduction in Woolworths retail stock. The decrease
in retail stock, achieved by tight control of purchasing, has been somewhat
masked at year end by setting the business up for the much earlier Easter in
2008.
During the year, four store freeholds were purchased at a cost of �5.1 million
and �11.6 million was received from the sale of the freeholds of the Guernsey
and Jersey stores. The �8.6 million profit from the sale of the Channel Island
freeholds is treated as an exceptional item. Profits of �11.4 million were
earned on the assignment of store leases during the year, against �6.4 million
in the prior year.
Cash Flow and Net Debt
The Group's average net debt increased from �113.0 million to �246.3 million,
reflecting the full year effect of the THE and Bertrams acquisitions and the
increased working capital requirements of the enlarged Entertainment Wholesale
business. Capital expenditure in the Retail business reduced from �62.4 million
to �33.3 million, reflecting the completion in the prior year of the 10/10 store
refit programme.
The year-end net debt of �123.7 million was up from �103.3 million in the prior
year. This reflects the substantial increase in working capital required by the
growth in the Entertainment Wholesale business, more than offsetting cash
generated in the other parts of the Group.
Exceptional Items
As described above, the disposal of the Guernsey and Jersey store freeholds
resulted in an exceptional profit of �8.6 million. This was more than offset by
(i) exceptional costs in the Entertainment Wholesale business of �8.4 million
relating to the operational integration of the EUK, THE and Bertram businesses
and the costs of the Competition Commission inquiry into the acquisition of
Bertram and (ii) a provision of �3.4 million in relation to payments made under
the terms establishing the 2 entertain joint venture which could not be
ascertained at that time.
Taxation
The effective tax rate was 36 per cent compared to 15 per cent in the prior
year. The prior year rate was lower than usual due to the effect of a �5.6
million prior year tax credit which primarily arose as a number of historic tax
provisions were identified as no longer required following agreement of a number
of historic queries. Under existing tax legislation it is anticipated that the
effective Group tax rate will be marginally above the main UK Corporation Tax
rate.
Pensions
The Group retains a Final Salary Pension scheme open to all employees who have
been with the Group for a minimum period of 12 months.
The Scheme was created at the time of demerger and only comprised active members
at that time. It is therefore a much less mature scheme than most. It has 5,112
active members, 3,707 deferred members but only 1,256 current pensioners and
therefore the Scheme receives more in contributions from the Group and members
than it pays out in pensions. This is likely to continue to be the case for
approximately 11 years.
The assets of the Scheme are managed by external Fund Managers and at 2 February
2008 were �316.8 million (2007 �316.0 million). The allocation of Scheme assets
is kept under regular review by the Trustees of the Scheme. The liabilities
calculated at the current level of fixed rate bond yields were �383.7 million
(2007: �400.0 million) giving an IAS 19 deficit of �48.2 million (2007: �58.8
million) net of tax relief. However, the proportion of current active members
and the timescales until pensions are due to be payable does not make the
calculation particularly relevant. The full triennial actuarial valuation at 31
March 2005 showed that the Scheme was 89 per cent funded with a deficit of �28.9
million. The contribution rate paid by participating companies remains at 13.5
per cent of pensionable salaries. The next triennial actuarial valuation is due
to be carried out at 31 March 2008 and has just commenced.
In January 2008, when the Group moved its bank financing to a secured basis, the
Trustee was granted a �63 million 3rd lien security. It was also agreed that the
Scheme would receive the first �50 million of proceeds from any future disposal
of the Group's investment in 2 entertain, at which point an equivalent amount of
the 3rd lien security would be released.
Funding
During the year, the Group arranged various additional facilities to finance its
increased working capital whilst carrying out a full review of how best to
finance its ongoing requirements. In particular this review incorporated the
continued growth of the Entertainment Wholesale division, with its associated
additional working capital.
The review concluded that the most appropriate structure would be to move to an
asset based lending facility, secured primarily against EUK's debtors and the
Group's stock. In January 2008, facilities comprising a �350 million asset based
lending facility and a �35 million 2nd lien loan, were put in place for a period
of four years. These, together with an existing �20 million invoice discounting
facility available to Bertram, provide the Group with flexible facilities to
meet its financing requirements as the businesses continue to develop.
Reconciliation of Adjusted Profit
52 weeks to 53 weeks to
2 February 3 February
2008 2007
�m �m
Profit before tax and exceptional items 14.9 7.3
Add back:
- amortisation of certain intangible assets* 7.6 3.9
- fixed rental uplifts 5.8 10.6
Adjusted profit before tax 28.3 21.8
Adjusted Segmental Analysis
for the 52 weeks to 2 February 2008
Entertainment
Wholesale and
Retail Publishing Unallocated Interest Total
�m �m �m �m �m
Reported profit/(loss) before taxation 6.2 35.4 (8.2) (21.7) 11.7
Adjust for:
Exceptional items (8.6) 11.8 - - 3.2
(Loss)/profit before exceptional items (2.4) 47.2 (8.2) (21.7) 14.9
Add back:
- amortisation of certain intangible assets* - 7.6 - - 7.6
- fixed rental uplifts 5.8 - - - 5.8
Adjusted (loss)/profit before tax 3.4 54.8 (8.2) (21.7) 28.3
Adjusted Segmental Analysis
for the 53 weeks to 3 February 2007
Entertainment
Wholesale and
Retail Publishing Unallocated Interest Total
�m �m �m �m �m
Reported (loss)/profit before taxation (14.8) 49.2 (7.7) (10.7) 16.0
Adjust for:
Exceptional items (8.7) - - - (8.7)
(Loss)/profit before exceptional items (23.5) 49.2 (7.7) (10.7) 7.3
Add back:
- amortisation of certain intangible assets* - 3.9 - - 3.9
- fixed rental uplifts 10.6 - - - 10.6
Adjusted (loss)/profit before tax (12.9) 53.1 (7.7) (10.7) 21.8
*Amortisation of certain intangible assets arising on consolidation, namely
underlying rights, customer relationships and trade names.
Group Income Statement
for the 52 weeks ended 2 February 2008 and 53 weeks ended 3 February 2007
52 weeks to 2 February 2008 53 weeks to 3 February 2007
Before Exceptional Before Exceptional
exceptional items exceptional items
items (Note 3) Total items (Note 3) Total
Note �m �m �m �m �m �m
Revenue 2 2,969.6 - 2,969.6 2,737.0 - 2,737.0
Cost of goods sold (2,245.5) - (2,245.5) (2,045.8) - (2,045.8)
Gross profit 724.1 - 724.1 691.2 - 691.2
Selling and marketing costs (583.0) (2.3) (585.3) (571.6) 3.9 (567.7)
Administrative expenses (124.7) (9.5) (134.2) (125.1) 4.8 (120.3)
Other operating income 20.2 8.6 28.8 23.5 - 23.5
Operating profit 36.6 (3.2) 33.4 18.0 8.7 26.7
Finance cost (25.7) - (25.7) (14.5) - (14.5)
Finance income 4.0 - 4.0 3.8 - 3.8
Profit before income tax 14.9 (3.2) 11.7 7.3 8.7 16.0
Income tax expense 4 (4.1) (0.1) (4.2) 0.2 (2.6) (2.4)
Profit/(loss) for the year 10.8 (3.3) 7.5 7.5 6.1 13.6
Attributable to:
Equity shareholders 10.8 (3.3) 7.5 7.4 6.1 13.5
Minority interest - - - 0.1 - 0.1
10.8 (3.3) 7.5 7.5 6.1 13.6
Earnings per share attributable to
the ordinary equity holders (pence) 5
Basic 0.5 0.9
Diluted 0.5 0.9
52 weeks to 53 weeks to
2 February 2008 3 February 2007
Dividends paid and proposed (note 6) �m �m
Final dividend paid 2006/07: 1.34 pence (2005/06: 1.34 pence) 19.4 19.4
Interim paid 2007/08: 0.43 pence (2006/07: 0.43 pence) 6.3 6.2
Paid during the year 25.7 25.6
Dividend proposed 2007/08: 0.17 pence (2006/07: 1.34 pence) 2.5 19.4
Group Statement of Recognised Income and Expense
for the 52 weeks ended 2 February 2008 and 53 weeks ended 3 February 2007
52 weeks to 2 February 2008 53 weeks to 3 February 2007
Before Before
exceptional Exceptional exceptional Exceptional
items items Total items items Total
�m �m �m �m �m �m
Profit/(loss) for the year 10.8 (3.3) 7.5 7.5 6.1 13.6
Actuarial gains on defined benefit scheme net
of tax 12.3 - 12.3 27.7 - 27.7
Deferred tax adjustment to 28% on defined
benefit scheme (1.8) - (1.8) - - -
Deferred tax on share-based payments (0.1) - (0.1) (0.1) - (0.1)
Cash flow hedges:
- Fair value losses net of tax (0.7) - (0.7) (6.2) - (6.2)
- Transfer to stock net of tax 4.7 - 4.7 4.1 - 4.1
Net gains not recognised in income statement 14.4 - 14.4 25.5 - 25.5
Total gains/(losses) recognised in the year 25.2 (3.3) 21.9 33.0 6.1 39.1
Of the total recognised gain for the year �21.9 million (2007: �39.0 million) is
attributable to the equity shareholders of the parent company.
Group Balance Sheet
at 2 February 2008 and 3 February 2007
2 February 3 February
Note 2008 2007
�m �m
Assets
Non-current assets
Goodwill 60.9 60.7
Other intangible assets 79.1 84.0
Property, plant and equipment 298.4 311.7
Fixed asset investments 0.2 0.2
Deferred income tax assets - 1.0
438.6 457.6
Current assets
Inventories 391.0 377.1
Trade and other receivables 9 444.5 303.5
Derivative financial instruments 2.8 -
Current asset investments 4.5 -
Cash and cash equivalents 10 39.2 28.4
882.0 709.0
Current liabilities
Borrowings 11 (126.8) (129.8)
Derivative financial instruments (18.2) (27.5)
Trade and other payables (633.1) (490.4)
Current income tax liabilities (5.6) (1.4)
Provisions for other liabilities and charges (9.5) (8.5)
Deferred income tax liabilities (7.4) -
(800.6) (657.6)
Net current assets 81.4 51.4
Non-current liabilities
Borrowings 11 (36.1) (1.9)
Trade and other payables (78.2) (72.4)
Retirement benefit obligations 12 (66.9) (84.0)
Provisions for other liabilities and charges (23.2) (33.1)
(204.4) (191.4)
Net assets 315.6 317.6
Shareholders' equity
Ordinary shares 182.4 182.4
Share premium 9.7 9.7
Other reserves 26.0 22.0
Retained earnings 97.5 103.5
Total equity 13 315.6 317.6
Group Cash Flow Statement
for the 52 weeks ended 2 February 2008 and 53 weeks ended 3 February 2007
52 weeks 53 weeks
to to
2 February 3 February
2008 2007
Note �m �m
Cash flows from operating activities
Cash generated from/(utilised in) operations 7 61.7 (39.6)
Interest paid (25.1) (12.6)
Interest received 3.4 2.5
Income tax received/(paid) 0.1 (13.4)
Net cash generated from/(utilised in) operating activities 40.1 (63.1)
Cash flows from investing activities
Acquisition of subsidiaries (net of cash acquired) - (63.0)
Purchase of intangible assets (10.3) (7.3)
Purchase of property, plant and equipment (32.4) (69.1)
Proceeds from sale of property, plant and equipment 11.8 -
Disposal costs on sale of property, plant and equipment (0.2) -
Purchase of minority - (2.8)
Purchase of short-term investments (4.5) -
Net cash used in investing activities (35.6) (142.2)
Cash flows from financing activities
Net proceeds from issue of ordinary shares - 0.7
Repayment of Senior Notes - (97.8)
Repayment of bank borrowings (116.1) -
Proceeds from bank borrowings 158.9 109.7
Debt issue costs paid (8.2) -
Finance lease principal repayments (1.3) (1.2)
Net transactions in own shares held by Trust - (0.1)
Dividends paid to Company's shareholders (25.7) (25.6)
Net cash generated from/(utilised in) financing activities 7.6 (14.3)
Net increase/(decrease) in cash, cash equivalents and bank overdrafts 12.1 (219.6)
Cash, cash equivalents and bank overdrafts at beginning of the year 27.1 246.7
Cash, cash equivalents and bank overdrafts at end of the year 8 39.2 27.1
Cash, cash equivalents and bank overdrafts consist of:
Cash 39.2 28.4
Bank overdrafts - (1.3)
Cash, cash equivalents and bank overdrafts at end of the year 8 39.2 27.1
Notes to the Accounts
1. Accounting Policies for the year ended 2 February 2008
Basis of Preparation
The preliminary results for the 52 week period ended 2 February 2008 and the
results for the 53 week period ended 3 February 2007 are prepared in accordance
with International Financial Reporting Standards ('IFRS') and the International
Financial Reporting Interpretations Committee ('IFRIC') interpretations endorsed
by the European Union, together with those parts of the Companies Act 1985
applicable to companies reporting under IFRS. The principal accounting policies
adopted in the preparation of the preliminary results are set out in the 2008
Annual Report and Accounts.
The consolidated financial statements include the financial statements of the
Company, its subsidiary undertakings and joint ventures. The Group's interests
in joint ventures are accounted for by proportionate consolidation.
The Board of Woolworths Group plc approved the release of this preliminary
announcement on 2 April 2008.
The consolidated financial statements have been prepared under the historical
cost convention, as modified by the revaluation of certain financial assets and
liabilities (including derivative instruments) at fair value. The preparation of
financial statements in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its
judgement in the process of applying the Group's accounting policies.
2. Segmental Analysis
The Group considers that business segmental analysis is its primary reporting
basis. The Group's business is divided into a Retail segment and an
Entertainment Wholesale and Publishing segment. Woolworths plc, WMS Jersey
Limited, Tromax Limited and Flogistics Limited are included within the Retail
segment, with Entertainment UK Limited, THE Distribution Limited (THE), Bertrams
Group Limited (Bertrams), Disc Distribution Limited and 2 entertain Limited
being the constituents of Entertainment Wholesale and Publishing. No material
trading is undertaken outside the UK and consequently no geographic segmentation
has been shown.
52 weeks to 2 February 2008 53 weeks to 3 February 2007
Entertainment Entertainment
Wholesale and Wholesale and
Retail Publishing Unallocated Total Retail Publishing Unallocated Total
�m �m �m �m �m �m �m �m
Group
- Gross sales 1,717.4 1,647.0 - 3,364.4 1,813.2 1,331.7 - 3,144.9
- Intersegment - (394.8) - (394.8) - (407.9) - (407.9)
Revenue 1,717.4 1,252.2 - 2,969.6 1,813.2 923.8 - 2,737.0
Operating profit/(loss)
before exceptional items
(2.4) 47.2 (8.2) 36.6 (23.5) 49.2 (7.7) 18.0
Exceptional items 8.6 (11.8) - (3.2) 8.7 - - 8.7
Operating profit/(loss)
after exceptional items
6.2 35.4 (8.2) 33.4 (14.8) 49.2 (7.7) 26.7
Finance costs (25.7) (14.5)
Finance income 4.0 3.8
Profit before income tax 11.7 16.0
Income tax expense (4.2) (2.4)
Profit for the year 7.5 13.6
Attributable to:
Equity shareholders 7.5 13.5
Minority interest - 0.1
7.5 13.6
Operating profit is stated before management recharges.
2. Segmental Analysis (continued)
Included within the amounts shown above are the following amounts in respect of
joint ventures:
52 weeks to 2 February 2008 53 weeks to 3 February 2007
Entertainment Entertainment
Wholesale and Wholesale and
Retail Publishing Unallocated Total Retail Publishing Unallocated Total
�m �m �m �m �m �m �m �m
Revenue - 75.6 - 75.6 - 62.4 - 62.4
Expenses - (49.9) - (49.9) - (43.4) - (43.4)
Operating profit - 25.7 - 25.7 - 19.0 - 19.0
Finance income 0.8 0.6
Profit before income tax 26.5 19.6
Income tax expense (8.3) (5.0)
Share of post tax profits 18.2 14.6
Intersegment transactions are entered into under the normal commercial terms and
conditions that would also be available to unrelated third parties.
At 2 February 2008 At 3 February 2007
Entertainment Entertainment
Wholesale and Wholesale and
Retail Publishing Unallocated Total Retail Publishing Unallocated Total
�m �m �m �m �m �m �m �m
Total assets 772.5 740.9 614.4 2,127.8 785.9 614.9 560.3 1,961.1
Total liabilities 795.0 608.6 408.6 1,812.2 822.4 505.1 316.0 1,643.5
Included within the
amounts shown above are
the following balances in
respect of joint ventures:
Current assets - 48.7 - 48.7 - 43.5 - 43.5
Non-current assets - 3.3 - 3.3 - 3.6 - 3.6
Current liabilities - (37.1) - (37.1) - (33.1) - (33.1)
Net assets - 14.9 - 14.9 - 14.0 - 14.0
Other segment items:
Capital expenditure:
- Property, plant and
equipment 27.4 2.6 - 30.0 58.8 8.7 9.3 76.8
- Intangible assets 5.9 4.4 - 10.3 3.6 61.2 - 64.8
Depreciation of property,
plant and equipment 26.6 3.3 - 29.9 35.0 5.6 - 40.6
Impairment of property,
plant and equipment - - - - (3.0) - - (3.0)
Amortisation of intangible
assets 4.5 10.6 - 15.1 8.1 7.5 - 15.6
Impairment credit on
inventories (0.4) 4.0 - 3.6 (2.7) (3.4) - (6.1)
Impairment of trade
receivables 1.3 11.4 - 12.7 (1.1) 0.4 - (0.7)
Other non-cash expenses:
- Shared-based payments - - 1.3 1.3 - - 1.2 1.2
Unallocated costs represent corporate expenses. Segment assets include property,
plant and equipment, goodwill, inventories, debtors and operating cash and
intersegment balances. Segment liabilities comprise operating liabilities and
intersegment balances.
Unallocated total assets predominantly consist of cash and bank deposits and
intersegment receivables. The unallocated total liabilities predominantly
represent corporate borrowings and other sundry creditors.
Total assets and liabilities included within the segmental table differs from
the Group Balance Sheet due to the gross-up of intersegment balances.
3. Exceptional items
52 weeks to 2 February 53 weeks to 3 February
2008 2007
�m �m
'A-Day' pension credit - 8.7
Woolworths property income 8.6 -
Competition Commission and restructuring costs (8.4) -
Capital contribution to 2 entertain arising on joint (3.4) -
venture
Total exceptional items before taxation (3.2) 8.7
Taxation (0.1) (2.6)
Total exceptional items after taxation (3.3) 6.1
During the year Woolworths plc has completed sale and leaseback agreements for
the properties in Jersey and Guernsey. The profit from these transactions has
been included within the income statement as an exceptional item.
The expected costs of restructuring the Entertainment Wholesale business
following the acquisitions of THE and Bertrams, and the subsequent referral of
the Bertrams acquisition to the Competition Commission, have been treated as
exceptional items within the income statement.
On formation of 2 entertain Limited, the Group agreed to guarantee the value of
the business transferred to 2 entertain Limited for a period of three years to
September 2007. A provision of �5.2 million was recognised during 2005/06 in
respect of the second and third years. An additional provision of �3.4 million
has been provided for within these financial statements. This has been charged
to the income statement as an exceptional item, which is consistent with the
treatment in 2005/06. The provision was fully settled during the year.
During the prior year a past service credit of �8.7 million (�6.1 million net of
taxation) arising from the 'A-Day' legislation changes was included in the prior
year income statement as an exceptional item.
4. Income Tax Expense
Analysis of charge in the period
52 weeks to 2 February 2008 53 weeks to 3 February 2007
Before Before
exceptional Exceptional exceptional Exceptional
items items Total items items Total
�m �m �m �m �m �m
Current tax (4.1) (0.1) (4.2) (1.4) - (1.4)
Deferred tax - - - 1.6 (2.6) (1.0)
Total taxation (charge)/credit (4.1) (0.1) (4.2) 0.2 (2.6) (2.4)
Tax on items (charged)/credited to equity
52 weeks to 53 weeks to
2 February 2008 3 February 2007
�m �m
Deferred tax charge on shared-based payments (0.1) (0.1)
Deferred tax charge on pension scheme actuarial gains (4.8) (11.9)
Deferred tax adjustment to 28% on defined benefit scheme (1.8) -
Deferred tax (charge)/credit on movement in derivatives (1.7) 0.1
Total deferred tax charge (8.4) (11.9)
The taxation charge for the year is higher (2007: lower) than the standard rate
of corporation tax in the UK (30 per cent). The differences are explained below:
52 weeks to 53 weeks to
2 February 2008 3 February 2007
�m �m
Profit before income tax 11.7 16.0
Profit multiplied by rate of corporation tax in the UK of 30% (2007: 30%) (3.5) (4.8)
Effects of:
Adjustments to tax in respect of prior periods 2.7 5.6
Adjustments in respect of foreign tax rates (0.4) (0.5)
Expenses not deductible for tax purposes (5.9) (2.7)
Adjustments in respect of property disposals 2.2 -
Impact of unwinding deferred tax at 28% 0.2 -
Utilisation of brought forward losses 0.5 -
Total income tax expense (4.2) (2.4)
5. Earnings per Share
Basic
Basic earnings per share is calculated by dividing the profit attributable to
equity shareholders of the Company by the weighted average number of ordinary
shares in issue during the year, excluding interest in own shares purchased by
the Woolworths Group Employment Share Ownership Plan (ESOP) to meet obligations
under Employee Share Schemes which are accounted for as treasury shares.
Diluted
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The Company has only one category of dilutive
potential shares - share options. For the share options, a calculation is
undertaken to determine the number of shares that could have been acquired at
fair value (determined as the average annual market share price of the Company's
shares) based on the monetary value of the subscription rights attached to the
outstanding share options. The number of shares calculated is compared with the
number of shares that would have been issued assuming the exercise of the share
options.
Adjusted
Adjusted earnings per share excludes the fixed rental uplift adjustment, the
amortisation of certain intangible assets and the effect of exceptional items.
An IFRIC pronouncement in September 2005 required the total minimum payments
across the entire lease term to be recognised on a straight-line basis across
the life of the lease.
2008 Weighted 2007 Weighted
average average
number of number of
shares Per share shares Per share
Earnings amount Earnings amount
�m m (pence) �m m (pence)
Basic EPS
Earnings attributable to ordinary shareholders 7.5 1,451.1 0.5 13.5 1,448.9 0.9
Effect of dilutive securities - - - - 0.8 -
Diluted EPS 7.5 1,451.1 0.5 13.5 1,449.7 0.9
Adjusted EPS
Basic EPS 7.5 1,451.1 0.5 13.5 1,448.9 0.9
Fixed rent adjustment (net of tax)* 5.6 - 0.4 7.4 - 0.5
Amortisation of intangible assets arising on
consolidation (net of tax)* 4.3 - 0.3 2.7 - 0.2
Exceptional items (net of tax) 3.3 - 0.2 (6.1) - (0.4)
Adjusted basic EPS 20.7 1,451.1 1.4 17.5 1,448.9 1.2
Diluted EPS 7.5 1,451.1 0.5 13.5 1,449.7 0.9
Fixed rent adjustment (net of tax)* 5.6 - 0.4 7.4 - 0.5
Amortisation of intangible assets arising on
consolidation (net of tax)* 4.3 - 0.3 2.7 - 0.2
Exceptional items (net of tax) 3.3 - 0.2 (6.1) - (0.4)
Adjusted diluted EPS 20.7 1,451.1 1.4 17.5 1,449.7 1.2
* The above items include the related impact of the change in deferred tax rate.
6. Dividends
The Directors are proposing a final dividend in respect of the financial year
ended 2 February 2008 of 0.17 pence (2007: 1.34 pence) per share which will
absorb an estimated �2.5 million of shareholders' funds. Subject to shareholder
approval, it will be paid on 25 June 2008 to members registered at the close of
business on 11 April 2008. These financial statements do not reflect this
recommended dividend.
7. Cash Generated from Operations
Reconciliation of operating profit to net cash inflow/(outflow) from operating
activities:
52 weeks to 53 weeks to
2 February 3 February
2008 2007
�m �m
Profit for the year 7.5 13.6
Adjustments for:
- Taxation 4.2 2.4
- Depreciation, amortisation and impairments 45.0 53.2
- Share-based payments 1.3 1.2
- Loss on sale of property, plant and equipment 1.9 1.7
- Interest income (4.0) (3.8)
- Interest expense 25.7 14.5
- 'A-day' pension credit - (8.7)
- Other non-cash items 2.7 -
Changes in working capital (excluding the effect of acquisitions):
- Inventories (16.4) 7.4
- Trade and other receivables (140.8) (37.9)
- Trade and other payables and provisions 134.6 (83.2)
Cash generated from/(utilised in) operations 61.7 (39.6)
8. Net Debt Reconciliation
Group net (debt)/funds comprise the following:
2 February 2008 3 February 2007
�m �m
Cash and cash equivalents 39.2 28.4
Bank overdrafts - (1.3)
Total cash, cash equivalents and bank overdrafts 39.2 27.1
Finance leases (2.9) (3.0)
Bank borrowings (33.9) (115.4)
Collateralised borrowing (126.1) (12.0)
Net debt at end of the year (123.7) (103.3)
9. Trade and Other Receivables
2 February 2008 3 February 2007
�m �m
Amounts due within one year:
Trade receivables 363.5 249.4
Less: provision for impairment of trade receivables (16.4) (7.6)
Trade receivables - net 347.1 241.8
Receivables from joint venture 1.5 2.0
Other receivables 52.3 22.9
Prepayments and accrued income 43.6 36.8
444.5 303.5
10. Cash and Cash Equivalents
2 February 2008 3 February 2007
�m �m
Cash at bank and in hand 15.7 -
Short-term bank deposits 1.7 4.3
Short-term liquidity fund investments 21.8 24.1
39.2 28.4
11. Borrowings
2 February 2008 3 February 2007
�m �m
Current
Bank loans and overdrafts due within one year or on demand:
Unsecured:
Bank overdraft - 1.3
Bank borrowings - 115.4
Secured:
Obligations under finance leases 0.7 1.1
Collateralised borrowing 126.1 12.0
Total due within one year 126.8 129.8
Non-current
Secured:
Bank borrowings 33.9 -
Obligations under finance leases 2.2 1.9
Total due after more than one year 36.1 1.9
Total borrowings 162.9 131.7
12. Retirement Benefit Obligations
2 February 2008 3 February 2007
�m �m
Present value of funded obligations (383.7) (400.0)
Fair value of scheme assets 316.8 316.0
Present value of unfunded obligations (gross) (66.9) (84.0)
Deferred tax 18.7 25.2
Net deficit (48.2) (58.8)
The movement in the liability recognised in the balance sheet is as follows:
52 weeks to 53 weeks to
2 February 2008 3 February 2007
�m �m
Beginning of the year (84.0) (130.9)
Net actuarial gains on scheme assets/liabilities 17.1 39.5
Total expenses charged in the income statement (17.0) (12.1)
Contributions paid by employer 17.0 19.5
End of the year (66.9) (84.0)
The key financial assumptions applied in the actuarial report of the Woolworths
Group Pension Scheme have been reviewed in the preparation of the annual
accounts and new mortality rates have been used. The main financial assumption
is the real discount rate i.e. the excess of the discount rate applied (6.4 per
cent) over the inflation rate applied (3.3 per cent). If this net rate increased
/decreased by 0.1%, the pension obligation would decrease/increase by
approximately �9.0m (before tax) and the annual service cost would decrease/
increase by approximately �0.7m.
13. Group Statement of Changes in Shareholders' Equity
Attributable to equity holders of the Company
Shares
Share Share Other held by Retained Total Minority Total
capital premium reserves Trust earnings interest equity
�m �m �m �m �m �m �m �m
At 28 January 2006 182.1 9.3 24.1 (3.1) 90.1 302.5 0.1 302.6
Profit for the year - - - - 13.5 13.5 0.1 13.6
Dividends - - - - (25.6) (25.6) - (25.6)
Issue of shares 0.3 0.4 - - - 0.7 - 0.7
Cash flow hedges:
- fair value of losses net of tax - - (6.2) - - (6.2) - (6.2)
- transfer to stock net of tax - - 4.1 - - 4.1 - 4.1
Actuarial gain arising on defined
benefit scheme - - - - 27.7 27.7 - 27.7
Share-based payments - - - - 1.0 1.0 - 1.0
Purchase of minority interest - - - - - - (0.2) (0.2)
Sale of own shares held by Trust - - - (0.1) - (0.1) - (0.1)
At 3 February 2007 182.4 9.7 22.0 (3.2) 106.7 317.6 - 317.6
Profit for the year - - - - 7.5 7.5 - 7.5
Dividends - - - - (25.7) (25.7) - (25.7)
Cash flow hedges:
- fair value of losses net of tax - - (0.7) - - (0.7) - (0.7)
- transfer to stock net of tax - - 4.7 - - 4.7 - 4.7
Actuarial gain arising on defined
benefit scheme - - - - 12.3 12.3 - 12.3
Deferred tax adjustment to 28% on
defined benefit scheme - - - - (1.8) (1.8) - (1.8)
Share-based payments - - - - 1.2 1.2 - 1.2
Net movement of shares held by
Trust - - - 0.5 - 0.5 - 0.5
At 2 February 2008 182.4 9.7 26.0 (2.7) 100.2 315.6 - 315.6
During the prior year, as part of the joint venture with BBC Worldwide Limited,
the Group funded a �2.8 million acquisition of the minority interest in Banana
Split Productions Limited by 2 entertain Limited.
14. Contingent Liabilities
There are no contingent liabilities at the year end. During the year, a
contingent liability reported in the prior year, in connection with 2 entertain
Limited, was fully paid.
This news release contains forward looking statements based on current
assumptions and forecasts made by Woolworths Group plc management. Various
known and unknown risks, uncertainties and other factors could lead to
substantial differences between the actual future results, financial situation,
development or performance of the Group and the estimates given here. The Group
accepts no obligation to continue to report or update these forward-looking
statements or adjust them to future events or developments. Further copies of
this announcement can be obtained from the office of the Group Finance Director
on 020 7706 5502 or downloaded from the Group website www.woolworthsgroupplc.com
The enclosed financial information is derived from the full Group Financial
Statements for the 52 weeks ended 2 February 2008 and does not constitute the
full statutory statements of Woolworths Group plc for the 52 weeks ended 2
February 2008 or the 53 weeks ended 3 February 2007. The financial information
for the 53 weeks ended 3 February 2007 is derived from the Annual Report for
that year which has been delivered to the Registrar of Companies. The
independent auditors reported on those accounts: their report was unqualified
and did not contain a statement under either Section 237(2) or Section 237(3) of
the Companies Act 1985. The Group Financial Statements for 52 weeks ended 2
February 2008, on which the independent auditors have given an unqualified
report which does not contain a statement under either Section 237(2) or Section
237(3) of the Companies Act 1985 will be delivered to the Registrar of Companies
in due course and posted to shareholders in advance of the Annual General
Meeting to be held on 18 June 2008. Following this posting, copies will be
available from the Company Secretary, Woolworths Group plc, 242-246 Marylebone
Road, London NW1 6JL and will be available on the Group website
www.woolworthsgroupplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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