Consensus

£m FY27E FY28E FY29E
Total sales 12,713 13,063 13,504
Min / Max 12,597 / 12,936 12,741 / 13,481 12,840 / 14,052
Organic sales growth (%) 0.8% 3.0% 3.5%
Min / Max -0.5% / 2.2% 1.8% / 4.2% 2.0% / 4.8%
LFL sales growth (%) -1.5% 0.7% 1.3%
Min / Max -2.4% / -0.3% -0.8% / 1.9% 0.0% / 2.8%
Gross margin YoY mvmt (bps) -30bps 0bps 0bps
Min / Max -70bps / 0bps
 -20bps / +30bps -20bps / +40bps
Profit before tax and adjusting items 786 824 881
Min / Max 748 / 824 776 / 866 822 / 957
Adjusted basic EPS (p) 11.14 12.17 13.65
Min / Max 10.47 / 11.71 11.50 / 13.16 12.29 / 16.94
Dividend per share (p) 1.35 1.54 1.75
Min / Max 1.20 / 1.44 1.20 / 1.84 1.20 / 2.38
Free cash flow 466 470 514
Min / Max 362 / 530 355 / 562 346 / 644
Notes As of 16 June 2026
15 of 18 analysts included
(consensus estimates exclude stale forecasts from Deutsche Bank, JPM and Kepler Cheuvreux)