The 2010 financial year was difficult and volatile for our group with consumer spending worsening during the second half of the year. The significantly higher than projected unemployment figures also had a negative impact on our sector. In the context of the economic climate which prevailed during the year, the group believe our result was slightly disappointing. After six exceptional years from 2002 to 2007, when our compounded HEPS grew at 48,4%, the economic cycle turned and we have now completed the third year in the current down cycle. The first half of the year produced turnover growth of 7,9% with an increase in HEPS of 1,5% whilst the second half worsened with turnover growth of 5% and a reduction in HEPS of 12,6%. For the year as a whole, turnover increased by 6,4% while headline earnings per share decreased by 6,8%. Our total dividend for the year was maintained at 288 cents per share. Prospects for the 2011 financial year *Notwithstanding the reduced interest rate and inflation environment, we expect trading conditions to remain challenging. *The 2010 FIFA World Cup did create a more positive consumer sentiment with improved consumer spending, which in our experience has continued post the World Cup. *In line with our strategy of investing for long-term growth, we will continue to open new stores in certain of our formats that are under-represented and we anticipate increasing trading space by approximately 7% in the current year. *Trading conditions for the first five months of this financial year have been encouraging. Total sales have grown by 12,9% over the previous period with same stores sales growth of 8,6%. *Foschini retail debtors' book is performing satisfactorily in the current climate and the quality of the book continues to improve. *Whilst continued unemployment in the economy remains a potential risk, the group are cautiously optimistic regarding trading for the remainder of this year. As always, the second half of the year is heavily dependant on Christmas trading, which will largely determine the performance of the group in the second half.