Saturday, 2 June 2012

Selective Statistics

Sainsbury’s have seen year on year profit rises from £238m in 2004/05, to £712m in 2011/12. That is a rise of 299%, say Pay Up. They are correct on that one:

Year Ending March 2012 2011 2010 2009 2008 2007 2006 2005
Underlying PBT (£M) 712 665 610 519 434 339 267 238
YoY % Change 7.1% 9.0% 17.5% 19.6% 28.0% 27.0% 12.2% -64.7%

But wait a second, check out that figure on the bottom right of the table - underlying profit before tax has dropped 64.7% in 2004/05 from the previous year. If you were look back further, the results are somewhat mixed:

Year Ending March 2004 2003 2002 2001 2000 1999 1998
Underlying PBT (£M) 675 695 627 549 580 756 728
YoY % Change -2.9% 10.8% 14.2% -5.3% -23.3% 3.8%  

What this shows is that the 2004/05 underlying PBT figures are the lowest out of the fifteen years of data. It then becomes apparent why Pay Up have chosen this year, as profits being lower now than they were in the late 90's doesn't make for as good a campaigning fact.

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