|Total revenue %||Q1||Q2||H1|
|Total Group 1||-0.7||+2.5||+0.9|
• Group sales1 up 0.9% at £4.7bn
• Underlying profit before tax3 £297m (last year pro-forma4 £307m; reported £315m)
• Underlying basic earnings per share3 14.6p (last year 15.6p)
• Interim dividend 6.2p per share (last year 6.2p)
• Net debt £2.6bn (last year pro-forma4 £2.6bn; reported £2.0bn)
• Profit before tax £290m (last year £321m)
• Basic earnings per share 14.2p (last year 16.0p)
1 On constant currency basis
2 Memo only – multi-channel sales are reported as part of General Merchandise and Food sales
3 Underlying results are consistent with how the business is measured internally. Adjustments to derive underlying profit include one-off impairment charges, fair value movements on financial instruments and embedded derivatives, and one off strategic programme costs.
4 The pro forma adjustment to net debt in the prior half year reflects the calculated fair value of the property partnership liability using a consistent interest rate in the discounted cash flow model with that as at 21 May 2012 when the terms of the property partnership were changed. Similarly, an adjustment to underlying profit before tax of £8.3m relating to the unwinding of the discount on this liability has been made.
Marc Bolland, Chief Executive, said:
“We are pleased to report a better performance across the business in the second quarter. We took steps to address the short term merchandising issues in General Merchandise and as a result, we delivered an improved performance. Food outperformed the market on a like-for-like basis.
“Eighteen months in, we are making strong progress with our plan to transform M&S into an International Multi-channel retailer. Our new International stores are performing well, and our Multi-channel business is delivering strong growth.
“As we approach the all important Christmas period, we have better than ever Christmas products, to help our customers enjoy a special Christmas at home.”
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