M&S Annual Report 2026

REINVESTING FOR GROWTH

Stuart Machin

Chief Executive's Review

Stuart Machin

"We have a renewed sense of purpose that you can feel around the business today: fast paced, still positively dissatisfied, and always aiming higher."

Archie Norman

Chairman’s Letter

Archie Norman

"We are now committing to a multi-year capital programme to drive growth at M&S for the next decade and beyond."

M&S by numbers

UK owned & franchise stores

1059

International markets

70

Fashion market share

10.2%

Food market share

4.1

Our Stories
Our Stories
Build the M&S we need to be

Build the M&S we need to be

Read more about how we are building the M&S we need to be by using technology to make better and faster decisions that power our transformation

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Stakeholder engagement

Stakeholder engagement

Find out how stakeholder engagement sits at the heart of M&S decision-making.

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Create exceptional products

Create exceptional products

Find out more on how we are delivering quality products at trusted value, strengthening customer perception across the business.

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 Deliver Target

Deliver target operating margins

Read more on how we are investing in our supply chain to boost capacity and support across Food and Fashion.

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Drive Profitable

Drive profitable sales growth

Learn how our new stores are attracting more customers, trading strongly and supporting profitable sales.

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History Timelines
Our year in reviewMonthly highlights

We announced a new 390,000 sq. ft. distribution centre in Avonmouth, opening in 2026, to strengthen logistics capacity, improve availability, and enable scalable food growth as part of the Reshaping for Growth strategy.

Food supply chain

We announce over£90m investment to deliver 17 new and renewed London stores - including six new food halls – to drive store rotation, create 450 jobs and support long-term growth with larger, more efficient formats.

London Stores
OUR DIGITAL AGM