Executive Summary

• In 1H19, Marks & Spencer (M&S) reported a slightly improved performance in its UK Clothing & Home segment, as it seeks to reshape its clothing offering with streamlined ranges that will help it to recapture family-lifestage shoppers.
• The UK Food segment turned in a disappointingly deep fall in comparable sales, impacted by a pivot away from promotions in favor of lower prices.
• Adjusted pretax profit was up 2.0% year over year and ahead of the consensus estimate of £200.5 million.