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Quality Worth Every Penny’, As Well As Reaffirming That M&S Is a Brand Our Customers Can Trust to Do the Right Thing

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Quality Worth Every Penny’, As Well As Reaffirming That M&S Is a Brand Our Customers Can Trust to Do the Right Thing M&S_cover_gatefold larger.qxd:Layout 1 29/5/09 11:24 Page 1 Marks and Spencer Group plc Marks and Spencer Group Get your 10% off voucher for marksandspencer.com years of 125 and enter our prize draw to win a laptop computer. About Us 10 % See inside for details What’s in this report? See under flap for the M&S Overview off Read our online Annual Report and Service, Innovation Value, Quality, Table of contents How We Do Business Report at marksandspencer.com/annualreport09 Annual report and financial statements 2009 Annual report Directors’ report ifc About M&S and Highlights Overview and 1 Our Plan for the future by Sir Stuart Rose Trust 10 Executive Committee 12 Deputy Chairman’s Statement 12 Board of Directors Performance & KPIs 14 Managing through the recession by Ian Dyson 18 Our key performance indicators Brand & Marketplace 20 Our brand 22 Our marketplace 25 Our heritage Operating & Financial review 26 1. Our core UK business Womenswear Lingerie Menswear Kidswear Food Home 36 2. M&S Direct 38 3. Our International business Quality 40 4. UK property 42 5. Plan A 46 Our people worth every 48 Financial review Governance 50 Corporate governance penny 62 Remuneration report 72 Other disclosures Financial statements and other information 77 Independent auditors’ report to the members of Marks and Spencer Group plc Financial statements 78 Consolidated income statement 78 Consolidated statement of recognised income and expense 79 Consolidated balance sheet 80 Consolidated cash flow statement 81 Notes to the financial statements 112 Company income statement 112 Company balance sheet Annual report and 113 Company statement of changes in shareholders’ equity 113 Company cash flow statement financial statements 2009 114 Company notes to the financial statements 116 Group financial record 118 Key performance measures 119 Shareholder information ibc Index M&S_cover_gatefold larger.qxd:Layout 1 29/5/09 11:24 Page 1 Marks and Spencer Group plc Marks andSpencerGroup Get your 10% off voucher for marksandspencer.com yearsof 125 and enter our prize draw to win a laptop computer. About Us 10 % See inside for details What’s in this report? See under flap for the M&S Overview off Read our online Annual Report and Service,Innovation Value, Quality, Table of contents How We Do Business Report at marksandspencer.com/annualreport09 Annual report andfinancialstatements 2009 Annual report Directors’ report ifc About M&S and Highlights Overview and 1 Our Plan for the future by Sir Stuart Rose Trust 10 Executive Committee 12 Deputy Chairman’s Statement 12 Board of Directors Performance & KPIs 14 Managing through the recession by Ian Dyson 18 Our key performance indicators Brand & Marketplace 20 Our brand 22 Our marketplace 25 Our heritage Operating & Financial review 26 1. Our core UK business Womenswear Lingerie Menswear Kidswear Food Home 36 2. M&S Direct 38 3. Our International business Quality 40 4. UK property 42 5. Plan A 46 Our people worth every 48 Financial review Governance 50 Corporate governance penny 62 Remuneration report 72 Other disclosures Financial statements and other information 77 Independent auditors’ report to the members of Marks and Spencer Group plc Financial statements 78 Consolidated income statement 78 Consolidated statement of recognised income and expense 79 Consolidated balance sheet 80 Consolidated cash flow statement 81 Notes to the financial statements 112 Company income statement 112 Company balance sheet Annual report and 113 Company statement of changes in shareholders’ equity 113 Company cash flow statement financial statements 2009 114 Company notes to the financial statements 116 Group financial record 118 Key performance measures 119 Shareholder information ibc Index M&S_cover_gatefold larger.qxd:Layout 1 29/5/09 11:24 Page 2 About M&S For 125 years M&S has been trusted by customers to offer high quality products at great value. How have we done? Index We are ‘Your M&S’, having grown from a Penny Bazaar stall to become the UK’s leading retailer of quality clothing, food and home products. With more than 21 million UK customers, we are also an expanding Highlights from the past year international force, now in 40 territories. A team of 78,000 people and over 2,000 suppliers form the bedrock of our business, ensuring our brand will continue to offer Quality, Value, Service, Innovation and Trust. A Page F Page N Page Accountability and Audit 55 Finance costs/income 89 Nomination and Governance Accounting policies 81 Finance leases 88, 89, 99, 101, 103, 110 Committee 58 Audit Committee 59 Financial assets 100 P Auditor’s Remuneration 88 Financial instruments 83, 102 People 46 Auditor’s report 77 Financial liabilities 101 Group revenue Plan A 42 1. Our core UK business See page 26 Authorised share capital 107 Financial record 116 Principal risks and uncertainties 56 £9.1bn Financial review 48, 49 With an annual turnover of £8.16bn our UK business has a broadly even B Fixed charge cover 118 R split between General Merchandise (clothing and home) and Food. +0.4% Balance Sheet 79,112 Food 32 Remuneration Committee 58 Board 12 Footfall 18 Remuneration report 62 General Merchandise £3.9bn sales (-3.5%) Market share (value)* UK 90.1% GM 50.1% Bonus 48 International Food With more than 1 in 10 clothing items bought from us, 9.9% 49.9% Borrowing facilities 101 G S Brand 20 Gearing 118 Shareholder information 119 we are the UK’s largest clothing retailer and the first choice Adjusted Group operating profit Adjusted Group profit before tax 10.7% Geographic segments 86 Share capital 49, 72 for stylish, well-made and great value clothes for the C Market share (volume)* Going concern 75 Share schemes 70 whole family. We lead the market in womenswear, lingerie £768.9m £604.4m Capital commitments 109 Goodwill 98 Simply Food 41 and menswear and have an expanding kidswear and Capital expenditure 15, 86, 118 -29.4% -40.0% Sourcing & supply chain 14 home business. 11.2% Cash flow statement 80 H Statement of recognised income *Source: Fashiontrak Corporate Governance 50 Hedging reserve 108 & expense 78 Cost of sales 87 Home 35 Stores 40 Food £4.2bn sales (-0.1%) Market share* Critical accounting estimates Group gross margin Average weekly footfall I Subsidiary undertakings 115 We are the UK’s leading provider of high quality food for and judgements 84 Income statement 78, 112 every occasion and appetite. We sell everything from fresh 37.2% 21.6m T 3.9% D Intangible assets 98 produce and groceries, to partly-prepared meals and Taxation 83, 89, 107 *Source: TNS Worldpanel Deferred tax 83, 89, 107 Interests in voting rights 73 ready meals; all at outstanding quality, freshness and value. -1.4% pts TSR 68 Depreciation 82, 86, 99 International Financial Reporting 81 This is while retaining our commitment to the highest Trade & other payables 101 Derivatives 84, 105 Standards standards of innovation, ethical sourcing and healthy eating. Trade & other receivables 100 Diluted earnings per share 90 International 38, 86 Interim + final dividend Adjusted earnings per share Directors’ emoluments 69, 91 Inventories 83 W Directors’ interests 68 Investment property 99 Womenswear 26 8.3p+9.5p= 28.0p Directors’ report index 76 J 2. Our M&S Direct business Total dividend 2008/09 Directors’ responsibilities 76 See page 36 -35.8% Joint venture 100 Dividend cover 118 M&S Direct £324m sales (+19%) M&S Direct: 17.8p Dividend per share 90, 114, 118 K M&S Direct is key to improving customer convenience and E-commerce website Key Performance Indicators 18 E service, helping us to reach a new generation of shoppers. Home catalogue Key Performance Measures 118 Earnings per share 90, 118 We are on target to achieve £500m in sales by 2010/11. Kidswear 31 Flowers & wine delivery For all our full and detailed key Employees 46 Hampers performance indicators See p18 Environment 42 L Food to Order Exceptional items 48, 82, 87, 88 Lingerie 29 lunchtogo Executive Committee 10 M Get your 10% off voucher 10 % Margin (gross) 14, 19 Marketplace 22 3. Our International business See page 38 4. Our UK property portfolio See page 40 for marksandspencer.com and enter our prize draw off Market value of properties 75 to win a laptop computer. Market share 18 International £898m sales (+25.9%) Over the last three years, we have transformed our UK For details how to enter see Menswear 30 With a portfolio of owned and franchised stores, our stores into bright and contemporary destinations with a page 119. M&S Direct 36 International business is on plan to achieve 15 to 20% range of hospitality options. We are also more convenient of Group revenues by 2010/11. In 2008/09 sales with 668 stores across the UK, including 75 new stores benefited from an additional 32 stores joining the chain. opened in 2008/09. We now have 296 stores in 40 territories. Why go online? www.marksandspencer.com/annualreport09 668 UK stores: 5. Integrating Plan A See page 42 10 Premiere 43 Major If you haven’t already tried it, visit our easy-to-use, fully We established Plan A in January 2007, setting out 29 Retail Park interactive online Annual Report. Many shareholders are now 100 rigorous social and environmental targets benefiting from more accessible information and helping the to help us become a better business by 2012. 209 High Street 39 Outlets environment too. Customer support has helped us achieve world-class This report is printed on Revive uncoated, a 100% progress in: reducing carbon emissions and waste 156 Simply Food wholly-owned It’s a more engaging and interactive experience recycled paper made from post-consumer collected waste.
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