Explanatory notes referred to in the above table can be found here.

The selected consolidated financial data set out on the preceding page for 1997/98, 1998/99, 1999/00, 2000/01 and 2001/02 has been derived, in part, from the audited consolidated accounts for such periods included elsewhere in this Annual Report. The selected consolidated financial data should be read in conjunction with the accounts, including the notes thereto, and the Financial review included within this Annual Report.

The accounts of the Group have been prepared in accordance with UK GAAP which differ in certain respects from US GAAP. See summary of differences between UK and US GAAP for information on the material differences between UK GAAP and US GAAP that affect the Group's profit and shareholders' funds.

Results of operations

The following table sets out certain consolidated financial data as a percentage of reported net sales:

		Percentage of net sales
		2001/02		2000/01		1999/00
		%		%		%
Net sales		100.0		100.0		100.0
Cost of sales (1)		(83.5)		(83.5)		(83.8)
Gross profit		16.5		16.5		16.2
Administrative expenses		(3.8)		(3.6)		(4.0)
Operating profit		12.7		12.9		12.2
Net interest expense		(1.1)		(1.1)		(1.0)
Profit before taxation		11.6		11.8		11.2
Taxation		(4.0)		(3.8)		(3.3)
Net profit		7.6		8.0		7.9
(1) Cost of sales includes the costs of goods sold, rental expense and non-headquarters' selling, general and administrative expenses.
(2) In 1997/98 earnings per share data derive from profit for the period divided by the number of ordinary shares in issue on 21 July 1997 following the capital restructuring.
(3) Working capital represents current assets (excluding amounts recoverable after more than one year) less current liabilities.
(4) During the year the Group adopted FRS19 - 'Deferred Tax'. The adoption of the standard has resulted in a prior year adjustment affecting UK GAAP shareholders' funds for 1997/98, 1998/99, 1999/00 and 2000/01 (see note 17).
(5) Includes only stores operated for the full financial period.
(6) 53 week year.
(7) Amounts in pounds sterling are translated into US dollars solely for the convenience of the reader, at a rate of £1.00 to $1.42, the Noon Buying Rate on 1 February 2002.