20GL Hsbc Bk. 24

RNS No 3906k
RETAIL CORPORATION PLC
15th October 1998


                          THE RETAIL CORPORATION PLC
                          AND SUBSIDIARY UNDERTAKINGS
    (The entire Ordinary share capital of the Company is held by Sears plc)
                                       
                                INTERIM REPORT
                     FOR THE SIX MONTHS ENDED 31 JULY 1998
                                       
                                      Notes    1998      1997
                                                #m        #m
TURNOVER                                                   
Continuing operations                   2      17.5       15.1
Discontinued operations                          -       312.4
                                               ----      -----
                                                       
                                               17.5      327.5
                                                           
                                              ======    =====
TRADING PROFIT/(LOSS)                                      
Continuing operations                           5.3       5.6
Discontinued operations                         -       (22.1)
                                               -----     -----
                                                
                                                5.3     (16.5)

Restructuring costs                             -        (2.7)
Impairment of footwear assets                   -       (80.0)
Profit on disposal of properties                -         0.1
Net interest payable                    3     (15.4)     (2.2)
                                               -----     -----
                                                          
LOSS ON ORDINARY ACTIVITIES BEFORE            (10.1)    (101.3)   
TAXATION                                               
Taxation                                        3.1        5.3
                                                ----    -------
                                                
LOSS AFTER TAXATION                            (7.0)    (96.0)
Dividends on preference shares                 (0.2)     (0.2)
                                                -----    ----
                                                
Attributable to equity shareholders            (7.2)    (96.2)
Dividends on ordinary shares                  (75.0)       -
                                               ------    -----
                                                
DEDUCTED FROM RESERVES                        (82.2)    (96.2)  
                                                       
                                               ====     =====
                                                      
NOTES

1.   The Interim Report has been drawn up under the same accounting policies
 as those used for the Annual Report and Accounts for 1997/98 and has been
 drawn up to the Saturday nearest to 31st July in each year, being 1st August
 in 1998 and 2nd August in 1997. The Interim Report does not constitute
 statutory accounts and the figures are unaudited.

2.   Continuing operations comprise the results of Creation Financial Services
 Limited (formerly SearsCard) and include sales of #0.6m (1997 #0.6m) to
 fellow subsidiary undertakings of Sears plc.  As at 31st July 1998 there were
 approximately 720,000 active accounts with combined balances of #119m, making
 it one of the largest in-house credit businesses in the UK.  It is building
 its operational and processing capability through a joint venture with
 Equifax, one of the world's largest processing groups, which is due to begin
 operation in April 1999.

3.   Of the net interest payable, #14.3 million (1997 #2.4 million) relates to
 interest on loans with the parent undertaking and fellow subsidiary
 undertakings.

4.   The exit from Footwear has been completed and the sale of related
 properties is underway.  Total costs are expected to be within the #150m
 provision made in the 1997/98 Annual Report.

5. 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.


END

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