Executive Summary

• UK clothing-and-food retailer Marks & Spencer (M&S) reported 1H17 sales up 0.9% in total. The closely watched UK Clothing and Home segment posted 1H comps of (5.9)%, versus (0.9)% for the better-performing Food segment.
• Clothing and Home reported comps of (2.9)% in 2Q17, a sequential improvement from (8.9)% in 1Q17. Food posted comps of (0.9)% in both 1Q17 and 2Q17.
• The company announced plans to close all its company-owned stores in 10 overseas markets, reduce its UK full-line store numbers by 60 and rebalance some remaining UK space from Clothing and Home to Food.