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M&S performs well in H1; ties up with Richard James
10 Nov '11
3 min read
We will update on our third quarter sales on 10 January 2012.
Guidance
Updated guidance for financial year 2011/12:
• Gross margin is expected to be broadly flat on last year due to ongoing input cost inflation and an increasingly promotional market.
• Operating costs are expected to increase c. 3% as a result of increased depreciation, space growth and inflation, as well as investment in growth initiatives, offset by underlying savings.
• The planned opening of new footage will add c. 2% to UK and c. 10% to International space.
• Group capital expenditure is expected to be around £700-£750m reflecting the latest view of the timing of the UK store update roll out programme.
• Effective tax rate is expected to be 25%.
Guidance
Updated guidance for financial year 2011/12:
• Gross margin is expected to be broadly flat on last year due to ongoing input cost inflation and an increasingly promotional market.
• Operating costs are expected to increase c. 3% as a result of increased depreciation, space growth and inflation, as well as investment in growth initiatives, offset by underlying savings.
• The planned opening of new footage will add c. 2% to UK and c. 10% to International space.
• Group capital expenditure is expected to be around £700-£750m reflecting the latest view of the timing of the UK store update roll out programme.
• Effective tax rate is expected to be 25%.
Marks & Spencer
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