Sales Growth
| 6 months to 30th September | 2003 | 2004 |
|---|---|---|
| Volume | - 1.1% | +6.8% * |
| Price | +0.9% | - 4.9% |
| Mix | +4.0% | +3.0% |
| +3.8% | +4.9% |
- * New space +1%
- Opening hours +1%
- Weather -1/2%
Notes
I would now like to describe the elements of total sales growth.
Overall volumes were up 6.8%.
Of this growth, a net 1% came from new space and a further 1% from extended opening hours. The poor summer weather reduced sales by approximately 1/2% over the half year.
Prices were 4.9% lower than a year ago. This rate of deflation is higher than we have seen over the last few years due to the substantial reductions from Lower Prices You'll Love which account for nearly 70% of total price investment.
The third element of growth is mix which captures customers trading up to higher value items. This contributed 3.0% to sales.
