Executive Summary

• M&S grew total full-year sales by 2.2% to £10.62 billion, marginally ahead of consensus and despite negative comps in its UK Clothing and Home and UK Food segments.
• UK Clothing and Home gross margin grew by 105 basis points on the back of more direct souring and less discounting.
• Unadjusted pretax profit fell 63.5%, due to £437 million of exceptional costs related to changes in pay and pensions, UK restructuring and exiting from some international markets.