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Marks & Spencer Company Profile

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Marks & Spencer Company Profile Marks and Spencer plc Company profile 6 June 2013 Marks and Spencer plc BUSINESS DESCRIPTION Marks and Spencer plc (‘M&S’ or ‘the Group’), known colloquially as Marks and Sparks or M&S, is one of the UK’s leading retailers, with 20 million people visiting its stores each week. The Group, established in 1884, is headquartered in the City of Westminster and has 766 stores across the UK (May 2013), in high streets, major shopping centres and retail parks, as well as railway stations, airports, petrol and service stations and other locations ranging in size from over 100,000 sq ft, to Simply Food stores of around 7,000 sq ft. Overseas, M&S has 418 international stores in 51 territories across Europe, the Middle East and Asia (May 2013). M&S also sells through other channels including: online, mobile site, in store ordering, telephone and home catalogue. M&S sells clothing and home products, as well as food that is sourced from around 2,000 suppliers globally. The Group claims to be the number one provider of womenswear and lingerie in the UK, and is rapidly growing its market share in menswear, kidswear and home. M&S is focused on becoming a multi-channel retailer (see Strategy). In FY13, multi-channel revenues, comprising sale across the internet and mobile channels, reached £652m (generated across the UK and the International businesses). Financial Services (M&S Bank) M&S Bank launched in autumn 2012, built on the foundations of M&S Money, which provided a range of financial products for over 25 years. M&S Bank is the trading name of Marks & Spencer Financial Services plc, a wholly owned subsidiary of HSBC Bank plc, and offers a range of financial services including: Cards. Premium Current Accounts, Credit Card and Premium Club. Loans. Personal Loan and Car Buying Plan. Travel. Travel Money. Insurance. Home Insurance, Car Insurance, Travel Insurance and Pet Insurance. Save & Invest. Savings, Marks and Spencer Unit Trust Funds and HSBC World Selection Portfolios. As well as Internet Banking and 24 hour Current Account support from a UK based Customer Services team, M&S Bank branches are open whenever M&S stores are open – including evenings and weekends. Business Line Retailing of food, clothing and homeware UK Main Office Waterside House, 35 North Wharf Road, London W2 1NW London Stock Exchange/ FTSE 100 Status/Exchange/Index Market cap: £7.32bn (6 June 2013) Auditor: PwC Brokers: Morgan Stanley & Co International plc and Citi Bank: HSBC Bank Financial PR: RLM Finsbury Advisers Property Adviser: Gerald Eve Remuneration Consultant: New Bridge Street Solicitors: SJ Berwin, Slaughter and May, Wragge & Co, Bond Dickinson, Field Fisher Waterhouse, Osborne Clarke and Allen & Overy Registrar: Equiniti Limited Staff 81,734 (FY13) – UK: 74,519, Overseas: 7,215 Last Year End 31 March 2013 P a g e | 2 Prepared by: Brook Intelligence Centre in association with Property Week Date of publication 6 June 2013 | © Brook Intelligence Centre Limited 2013 Marks and Spencer plc OPERATING SEGMENTS M&S engages in the retail of food (including fresh produce, groceries, partly-prepared meals and ready meals), homeware and clothing products (womenswear, lingerie, menswear and kidswear). Its principal brands include Classic, per una, Indigo, Autograph and Limited Collection, among others. The Group reports the following operating segments: Comprises M&S’ UK retail business and franchise operations. UK turnover has a broadly even split UK between Food and General Merchandise (Clothing & Home). (89% of FY13 Group In FY13, Food accounted for 54% UK revenue and General merchandise the remaining 46%. In the revenue) UK, the Group has 766 stores. International Comprises M&S owned businesses in the Republic of Ireland, Europe and Asia, together with (11%) international franchise operations. SHOP FORMATS Core shops typically feature a selection of the Group’s clothing ranges and an M&S Food hall. The range of clothing sold and the space given to it depends on the location and customer demographic. The M&S Food halls sell groceries, mostly under the M&S brand. Outlet Shops offer M&S products with the majority of them discounting at least 30% from the original selling price. Many of the Outlet shops are in locations such as retail parks and outlet centres, though some were previously main M&S shops which converted to the Outlet format. M&S Simply Food stores sell mostly food and groceries but usually also carry a small selection of general merchandise, such as birthday cards and homeware. A number of these are run under franchise agreements including: o Select Service Partner (SSP) runs 34 Simply Food outlets at rail locations, six at airports, alongside five retail outlets and four cafés in UK hospitals. (Source: SSP website, February 2013). o In 2005, in a drive to improve the overall service station experience, BP signed an agreement with M&S and there are now over 120 M&S Simply Food at BP Connect stores (source: BP website, February 2013). P a g e | 3 Prepared by: Brook Intelligence Centre in association with Property Week Date of publication 6 June 2013 | © Brook Intelligence Centre Limited 2013 Marks and Spencer plc FINANCIALS ANNUAL FINANCIAL PERFORMANCE – MARKS AND SPENCER PLC 52 weeks ending - £ms 30 March 2013 31 March 2012 2 April 2011 3 April 2010* 28 March 2009 Revenue 10,026.8 9,934.3 9,740.3 9,536.6 9,062.1 Underlying operating profit 781.6 810.0 824.9 843.9 768.9 Underlying profit before tax 665.2 705.9 714.3 694.6 604.4 Profit before tax 564.3 658.0 780.6 702.7 706.2 Profit for the year 458.0 489.6 598.6 523.0 506.8 * FY10 comprises the 53 weeks ending 3 April 2010. FY13 GROUP OVERVIEW Revenue Underlying operating profit Profit before tax £10bn +0.9% £782m -3.5% £564m -14.2% Revenue increased 0.9% (+1.3% on a constant currency basis) on FY12 to £10bn, driven by sales growth in both International and the UK, with particularly strong growth in Food. Underlying operating profit decreased 3.5% on FY12 to £782m. o M&S says it navigated the short-term market challenges through strong financial management. In a highly promotional marketplace, it says it protected its margins through a tight control of mark downs and well targeted promotional activity. Underlying profit before tax decreased 5.8% on FY12 to £665m. Profit before tax fell 14.2% on FY12 to £564m. Funding The Group’s May 2012 bond matured in FY13 and was refinanced from existing facilities and operating cash. At year end, the Group had a committed syndicated bank revolving credit facility of £1.325bn set to mature on 29 September 2017. M&S also has a number of undrawn uncommitted facilities available. At the year-end these amounted to £105m (FY12: £105m), all of which are due to be reviewed within a year. At the balance sheet date a sterling equivalent of £81m (FY12: £nil) was drawn under the committed facilities and £nil (FY12: £nil) was drawn under the uncommitted facilities. In addition to the existing borrowings, the Group has a euro medium-term note programme of £3bn, of which £1.5bn (FY12: £1.6bn) was in issuance as at the balance sheet date. The 5.875% £267m bond was repaid in May 2012. A new 4.75% £400m bond was issued under the programme in December 2012 maturing in June 2025. Revenue by Segment 4% 7% UK - General Merchandise 41% UK - Food Int'l - Franchised 48% Int'l - Owned P a g e | 4 Prepared by: Brook Intelligence Centre in association with Property Week Date of publication 6 June 2013 | © Brook Intelligence Centre Limited 2013 Marks and Spencer plc Divisional Performance Revenue increased 0.9% on FY12 to £8.9bn, with a like-for-like decrease of 1%. M&S Rev: 0.9% added 2.8% of space in the year, 2.6% in General Merchandise and 3.1% in Food, on a UK weighted average basis. o General Merchandise revenues fell 2.4% to £4.1bn. o Food revenues increased 3.9%, with like-for-like sales up 1.7%, to £4.9bn. Operating profit was £661m, down 2.2%. Revenues increased 0.9% (4.5% on a constant currency basis) over FY12 to £1.1bn, reflecting double digit growth in the Group’s priority markets as well as more challenging Rev: 0.9% conditions in its legacy European markets. o Franchised store revenues were £393m, up 3.5%, with the franchise business in the Middle East region delivering strong growth. o Owned store revenues were £683m, down 0.6%. Owned businesses in India and China delivered a strong performance, driven by good like-for-like growth and the International opening of new space. Operating profit was £120m, down 10% (down 10.9% on a constant currency basis), due to the impact of currency translation, prevailing macroeconomic conditions and start-up costs in key markets. o Franchised store operating profit fell 3.9% to £106.3m, with the Group’s European franchise partners’ trading environments impacting on their business. o Owned store operating profit also fell but by a more significant 39% to £13.9m, due to continued macroeconomic pressures in Europe combined with initial start-up costs in priority markets. OUTLOOK Group Outlook As of May 2013 M&S expects the market to remain challenging for the foreseeable future. The Group also expects consumer spending to remain cautious and carefully planned. However, the Group remains fully committed to the delivery of its plan (see Strategy); ensuring that as M&S evolves, it remains in touch with customers so that it can anticipate and respond to their changing needs.
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