Key facts

^{1 M&S Group adjusted profit before tax excludes the profit or loss attributable to shares we do not own in subsidiary companies and adjusting items. This measure was introduced from 2025/26 following the consolidation of Ocado Retail Limited. See page 12 for a bridge between this measure and statutory profit. 
2 References to ‘sales’ throughout this announcement are statutory revenue plus the gross value of consignment sales ex. VAT. 
3 Results of the Channel Islands have been reclassified from International to be reported within either Food or Fashion, Home & Beauty.
4 Lease surrender payments have been split out from cash lease payments and are now within free cash flow but no longer within free cash flow from operations.
5 Net debt now includes the M&S Travel Money Revolving Credit Facility agreement with Eurochange (£9.8m).
6 Statutory profit after tax includes losses attributable to non-controlling interests of £23.2m (2024/25: £3.8m), driven by consolidation of Ocado Retail Limited.
a-h Worldpanel sourcing throughout this document is listed on page 11.
Non-GAAP measures and alternative performance measures (APMs) are discussed within this release. A glossary and reconciliation to statutory measures is provided at the end of this document. Adjusted results are consistent with how business performance is measured internally and presented to aid comparison. Refer to Notes 1 and 3 of the financial information for further details.}