Investment Case
- What makes M&S unique is the lengths we go to in innovating, designing, developing, and sourcing our products.
-
We make change happen focusing on execution and performance-driven outcomes.
-
By delivering value for customers, we deliver value for our shareholders.
-
We are rigorous in maximising return ​on investment.

Our five year financial ambition to FY28

Sales
Sales
Food market share​ +1%​
C&H market share​ +1%

Margins
Margins
Food operating margin​ >4%​
C&H operating margin​ >10%

Costs
Costs
Structural​ reduction of​ c.£500m

Returns
Returns
Disciplined​ capital allocation framework and clear hurdle rates
Our Food ambition

TO BUILD A REMARKABLE FOOD BUSINESS, PROTECTING THE MAGIC AND MODERNISING THE REST.
Delicious, great quality M&S food, available where, when and how you want it.
-
Leveraging exceptional products and a ​trusted brand
-
Driving profitable growth across categories ​and channels
-
Improving operating margins through fixing our backbone
Our Clothing & Home ambition

To be the most trusted, most convenient and most personal clothing and home retailer.
An unbeatable mix of style, quality and value, available when and where I want it.
Leveraging exceptional products and a trusted brand
Driving profitable growth across categories
Growing sales across both channels
Delivering target operating margins