Notes

		2005	2004
		£'000	£'000
1	Sales (incl. VAT)
	The Perfume Shop	124,402	106,077
	Joplings (discontinued)	50,647	53,834
	A. de Gruchy	18,718	18,228

		193,767	178,139

	Net Sales (exc. VAT)
	The Perfume Shop	105,784	90,201
	Joplings (discontinued)	43,765	46,523
	A. de Gruchy	18,718	18,228

		168,267	154,952

	Turnover
	The Perfume Shop	105,784	90,201
	Joplings (discontinued)	32,117	34,156
	A. de Gruchy	11,258	11,580

		149,159	135,937

2	Operating Profit
	The Perfume Shop	16,345	14,668
	Joplings (discontinued)	2,948	2,933
	A. de Gruchy	1,665	1,645
	The Perfume Shop - Australia	(353)	-

		20,605	19,246
	Central services	(1,458)	(1,391)
	Share scheme accrual	(715)	(673)
	Amortisation of goodwill	(85)	(85)

		18,347	17,097

3	Reconciliation of operating profit to net cash inflow from operating activities
	Operating profit	18,347	17,097
	Depreciation charges	3,110	2,692
	Amortisation of goodwill	85	85
	Share scheme charge	715	673
	Increase in stocks	(185)	(1,631)
	(increase)/decrease in debtors	(60)	217
	Increase in creditors	508	491
	Share scheme payments	-	(306)

		22,520	19,318

4	A final ordinary dividend of 4.0 pence per share is recommended in respect of the 52 weeks ended 26 March 2005. The Offer announced today of 197p in cash incorporates the proposed final dividend of 4.0 pence per share and, if the Offer becomes or is declared unconditional in all respects, this final dividend will not be paid. However, in the event that the Offer lapses, the Directors intend to recommend a final dividend of 4.0 pence per share in respect of the year ended 26 March 2005. This dividend would be subject to the approval of shareholders at this year’s annual general meeting and would be paid shortly after that meeting. The Board would announce the record date for this dividend once it were known that the dividend was payable.
5	The financial information contained in this preliminary announcement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985 and has been extracted from the financial statements for the 52 weeks ended 26 March 2005 and 27 March 2004 upon which the auditors have neither qualified their opinion nor included a statement under section 237 (2) or (3) of the Companies Act 1985. The statutory accounts will be filed with the Registrar of Companies in due course.
6	The annual report and accounts for the 52 weeks ended 26 March 2005 will be posted to shareholders in June 2005.
7	The net loss on disposal of discontinued operations relates to the disposal of the assets of Joplings following the exit from department stores on the UK mainland. The Joplings assets were disposed of for a £26.6M cash consideration, against a net book value of £19.6M. Costs incurred were £3.6M, giving a profit before goodwill of £3.4M. When the Group acquired Joplings in 1987, the goodwill on acquisition of £4.7M was written off against Other Reserves. Following the disposal of the Joplings assets, this amount has now been written off in the current year profit and loss account, giving a net loss on disposal of £1.3M.
8	The calculation of earnings per share is based on the profit on ordinary activities after taxation and preference dividends, divided by the weighted average number of ordinary shares in issue in the period, having adjusted for own shares held, of 109,472,000 (2004 - 108,736,000). The calculation of diluted earnings per share divided this profit by a revised average of 111,903,000 diluted shares (2004 - 109,985,000).
9	In accordance with UITF 38, Investments in Own Shares held by an Employee Benefit Trust are now shown as a deduction from retained earnings. The comparatives have been restated accordingly.
10	The preliminary announcement was approved by the Board of Directors on 24 May 2005.

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