Financial highlights
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Worldwide network sales up 0.5% to £1,191.5 million with total International sales up 6.4% despite significant currency headwinds and total UK sales down 7.5% as further loss-making stores were closed
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International like-for-like sales up 2.5%1; UK like-for-like sales down 1.9%, on an improving trend after a 3.6% decline last year
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Underlying profit before tax of £9.5 million compared to £5.9 million last year with underlying International profits up 7.6% to £45.3 million and underlying UK losses slightly lower at £21.5 million
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Group loss before tax and after exceptional and non-underlying items of £26.3 million, which includes a non-underlying non-cash foreign currency charge of £14.9 million
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Net debt of £46.5 million, in line with previous guidance. Further covenant headroom and facilities put in place in May 2014
Operating highlights
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International space up 13.1% and sales up 9.3% in constant currency with 1,221 stores in 59 countries
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Reshaping of the UK business continues with the closure of an additional net 35 loss-making stores and refits in some key stores
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Multi-channel growth with UK Direct sales now 29% of total UK sales and a third of online orders collected in store
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In the UK, Mobile is growing rapidly and now accounts for 35% of UK online traffic
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Ten International websites in place
