M&S reports profit falls 19% for 52 weeks ended April 2,2005

24 May '05

4 min read

We did so with a clear understanding that, while we needed to move fast, we also needed to do the right things for the medium to long term and that there were no quick fixes. We stated that we would focus the business in 2004/05, drive it in 2005/06 and, beyond that, broaden its horizons.

We have focused the business as promised, making structural changes to the Group and driving through initiatives to improve our operating efficiency.

- New management structure - streamlined Executive Board, key management appointed
- Focus on core values - quality, value, service, innovation and trust - Your M&S
- per una acquired for £125.9m
- Cut 31 initiatives to 10
- Head office removal of 650+ roles
- New supplier terms introduced – 1st phase September 2004, 2nd phase April 2005
- Tightened cash and cost management
- £2.3bn returned to shareholders �� Financial Services business sold for £769m net of costs (including a pre-sale dividend of £235m)
- 'Lifestore' exited
- Reduced stocks and commitment by £1.3bn

Click here to see the results:

UK's leading retailers of clothing, food, home products and financial services. 10 million people shop with us each week in over 375 stors as and financial services. 10 million people shop with us each week in over 375 stores. In addition we have 155 stores managed under franchise in 28 territories mostly in Europe, the Middle East, Asia and the Far East, stores in the Republic of Ireland, nine wholly owned stores in Hong Kong and we own the US supermarket group, Kings Super Markets.

Marks and Spencer

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