Mark and Spencer

17731 words 71 pages
press release
Issued: 22nd May 2012
MARKS AND SPENCER GROUP PLC FULL YEAR RESULTS 2011/12 - 52 WEEKS ENDED 31 MARCH 2012 Marks & Spencer performed well in a challenging economic environment and made good progress in delivering our strategy

Final results: • • • • • • • • • Group sales up 2.0% at £9.9bn Total UK sales +1.5%: Food +3.9%; General Merchandise -0.9% (Clothing +0.2%, Home -10.0%) Like-for-like UK sales +0.3%: Food +2.1%; General Merchandise -1.8% International sales +5.8% Multi-channel sales +18% Underlying profit before tax1 £705.9m (last year £714.3m) Underlying basic earnings per share1 34.9p (last year 34.8p) Full year dividend 17.0p per share (last year 17.0p) Net debt £1.86bn (last year £1.90bn)

Statutory results: •
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Food performed strongly in a tough market with total sales up 3.9% to £4.7bn and likefor-like sales up 2.1%. We maintained our focus on freshness, speciality and convenience and continued to lead the way with high quality, first to market products. Our customers benefited from greater choice across all our ranges – and our commitment to innovation kept our offer fresh and exciting. International sales were up 5.8%. Our key priority markets of India, China and Hong Kong saw strong growth, driven by good like-for-like growth and new space. We returned to France in November, opening our first store in Paris, and launching our first international website. Trading conditions were difficult in Greece and the Republic of Ireland. We took full management control of our Czech and Eastern European business and are currently restructuring it. We also took greater control of the Greek and Balkans business at the end of the year. Our franchise business continued to perform well, with the Far East and the Middle East regions growing strongly. UK gross margin UK gross margin was down 30 basis points at 40.8%. General merchandise gross margin was down 80 basis points at 51.4% as a result of increased promotional activity, input price inflation and adverse currency pressure. Food gross margin was up 50 basis points at 31.4% with better management of promotions and waste, as well as early benefits from new systems implementation, helping to offset commodity price

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