Executive Summary

• M&S reported FY19 total sales of £10.4 billion, down 3.0% year over year, and roughly in line with the consensus estimate by StreetAccount.
• The company reported adjusted diluted EPS of 25.4 pence, down 8.6% year over year, beating the consensus estimate of 24.8 pence.
• For fiscal 2020, the company expects UK food and clothing & home gross margin to change by (25) bps – 25 bps, and expects UK operating costs to decrease about 1%.