Retail Corporation - Interim Results

RNS Number:6464A
Retail Corporation PLC
11 November 1999

THE RETAIL CORPORATION PLC
AND SUBSIDIARY UNDERTAKINGS
(The entire Ordinary share capital of the Company is held by Sears Limited)



INTERIM REPORT
FOR THE SIX MONTHS ENDED 31 JULY 1999


                                                 NOTES       1999       1998
                                                              #m         #m
                     
TURNOVER from discontinued operations                         0.1       17.5
                                                         --------   --------
TRADING PROFIT from discontinued operations                   0.2        5.3
                     
Profit on disposal of subsidiary undertakings       2        22.5         -
Loss on disposal of properties                               (1.9)        -
Net interest payable                                         (0.1)     (15.4)
                                                         --------   --------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES
BEFORE TAXATION                                              20.7      (10.1)
                     
Taxation                                                     (8.6)       3.1
                                                         --------   --------
PROFIT/(LOSS) AFTER TAXATION                                 12.1       (7.0)
                     
Dividends on preference shares                               (0.3)      (0.2)
                                                         --------   --------
Attributable to equity shareholders                          11.8       (7.2)
                     
Dividends on ordinary shares                                (37.8)     (75.0)
                                                         --------   --------
DEDECTED FROM RESERVES                                      (26.0)     (82.2)
                                                         ========   ========



NOTES

1.       The Interim Report has been drawn up under the same accounting
policies as those used for the Annual Report and Accounts for 1998/99 and has
been drawn up to the Saturday nearest to 31st July in each year, being 31st
July in 1999 and 1st August in 1998.  The Report does not constitute statutory
accounts and the figures are unaudited.

2.       In the previous year the Group sold its investment in Creation
Financial Services Limited to Sears Limited for #25 million, with an
entitlement to additional consideration equivalent to the additional proceeds
obtained from any subsequent sale by Sears Limited.  In February 1999 Creation
Financial Services Limited was sold by Sears Limited and the Group received
additional consideration of #14.1 million.  The Group has also received #2.0
million in respect of the Facia distribution of assets and #5.1 million
deferred consideration for the sale of one of the Footwear businesses which
had previously been written off.  The remaining #1.3 million represents a
release of provisions no longer required.

3.       A copy of this Interim Report will be posted to shareholders and
copies will be available from The Secretary, The Retail Corporation plc, 40
Duke Street, London W1A 2HP.





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