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26 weeks ended30 Sep 171 Oct 16Change %
Group revenue£5,125.6m£4,993.5m2.6
Profit before tax & adjusted items1£219.1m£231.3m-5.3
Adjusted items1,2£(100.8)m£(206.2)m-51.1
Profit before tax £118.3m£25.1m371.3
Profit after tax£84.6m£15.9m432.1
Adjusted basic earnings per share110.7p 11.5p-7.0
Basic earnings per share5.2p 1.0p420.0
Free cashflow before adjusted items£218.4m £211.7m3.2
Net debt£2.03bn£2.24bn-9.7
Ordinary dividend per share6.8p6.8p -

1Adjusted results are consistent with how business performance is measured internally. 2Refer to adjusted items note 3 

Steve Rowe, Chief Executive said:
“We have made good progress in remedying the immediate and burning issues at M&S I outlined last year. In Clothing & Home early results are encouraging and in International we now have a profitable and robust business. We recognise now that we face stronger headwinds in Food which will be addressed in the year ahead.

“The business still has many structural issues to tackle as we embark on the next five years of our transformation, in the context of a very challenging retail and consumer environment. Today we are accelerating our plans to build a business with sustainable, profitable growth, making M&S special again.”

  • Clothing & Home revenue level with full price sales up 5.3% due to better product at lower prices, fewer promotions and two fewer clearance sales. Gross margin up 140bps, as we leveraged our sourcing capabilities and fully offset currency headwinds
  • Food revenue up 4.4% driven by new stores.  Gross margin down 130bps due to increased input cost inflation and limiting price increases to customers
  • UK costs up 4.2% due to new space, investment in improved service, and tackling legacy pay and pension issues
  • International profits trebled to £60.3m as a result of our decisive action to reduce losses in owned markets, as well as favourable currency movements

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