Annual Report & Accounts
2 015 Annual Report & Accounts Contents Overview Highlights 5 Who We Are 6 Where We Are 16 Group Portfolio Introduction 18 Executive Chairman’s Statement 45 Strategic Report Business Model 46 Our Strategy 47 Principal Risks 49 Business Review 51 Financial Review – Continuing Businesses 52 Property and Stores Review 54 Corporate and Social Responsibility 56 Governance The Board 60 Directors’ Report 61 Corporate Governance Report 63 Directors’ Remuneration Report 67 Financial Statements Statement of Directors’ Responsibilities 77 Independent Auditor’s Report 78 Consolidated Income Statement 80 Statement of Comprehensive Income 80 Statement of Financial Position 81 Consolidated Statement of Changes in Equity 82 Consolidated Statement of Cash Flows 83 Notes to the Consolidated Financial Statements 84 Group Information Five Year Record 135 Financial Calendar 136 Shareholder Information 137 Annual Report & Accounts 2015 “ Our continuing operations have delivered a record result for the year with a headline profit before tax and exceptional items in excess of £100 million.” Peter Cowgill 4 Overview Highlights • Record result with profit before tax and exceptional items in the continuing businesses of £100.0 million (2014: 82.0 million). • Exceptional performance in Sports Fashion with like for like store sales growth across the combined European fascias of 13% and operating profits increased by 18% to £107.0 million (2014: £91.0 million). • Encouraging progress in the development of the international Sports Fashion offering with new stores added in all existing territories. • Comparable with the wider sector, Outdoor had a difficult second half following the very mild autumn and winter. Sector wide promotional activity continues as the resulting imbalance of stocks in the trade is addressed.
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