Coronavirus Update

Marks & Spencer Group Plc - Final Results April 2021

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Marks and Spencer Group Plc

Full Year Results for 53 Weeks Ended 3 April 2021

"NEVER THE SAME AGAIN - FORGING A RESHAPED M&S"

2020/21 is a 53-week year. The comparative period is 52 weeks  to 28 March 2020. To aid understanding, we are showing the unaudited 52 weeks to 27 March 2021 with commentary and percentage changes on a 52-week basis unless otherwise stated.

Resilient ?nancial performance in a year of disruption

Pro?t before tax & adjusting items of £41.6m (53 weeks £50.3m)

Statutory loss of £201.2m (53 weeks £209.4m)

Food LFL revenue up 1.3%, underlying LFL ex-hospitality and franchise up 6.9%

C&H revenue down 31.5%.  Online growth of 53.9% partly offsetting stores down 56.2%

Group online revenue ex-Ocado now £1.5bn

Ocado Retail share of net pro?t £78.4m

Net debt excluding lease liabilities reduced £278.6m to £1.11bn and strong liquidity

Forging   a reshaped M&S through the Never the Same Again programme

M&S Food growth supported by improved value perception and over 1,900 new lines

M&S products now over 25% of Ocado average basket and c.50% capacity growth planned

Clothing & Home business reshaped with shift to active and casual and more focused ranges

MS2 created to accelerate the shift to omni-channel with an online first approach

Sparks relaunch hits 10m members with substantially improved data capabilities

Accelerated opportunity to rotate the store estate into higher quality space

Steve Rowe, CEO: "In a year like no other we have delivered a resilient trading performance, thanks in no small part to the extraordinary efforts of our colleagues. In addition, by going further and faster in our transformation through the Never the Same Again programme, we moved beyond fixing the basics to forge a reshaped M&S. With the right team in place to accelerate change in the trading businesses and build a trajectory for future growth, we now have a clear line of sight on the path to make M&S special again. The transformation has moved to the next phase."

 

53 weeks ended

3April21

52 weeks ended

27March21

52 weeks ended

28March20

Grouprevenue before adjusting items

£9,166.9m

£8,972.7m

£10,181.9m

Group operating pro?t before adjusting items

£222.2m

£209.7m

£590.7m

Pro?tbeforetax&adjustingitems

£50.3m

£41.6m

£403.1m

Adjustingitems

£(259.7)m

£(242.8)m

£(335.9)m

(Loss)/pro?tbeforetax

£(209.4)m

£(201.2)m

£67.2m

(Loss)/pro?taftertax

£(201.2)m

£(194.4m)

£27.4m

Basic(loss)/earningspershare

(10.1)p

(9.8)p

1.3p

Adjustedbasicearningspershare

1.4p

1.1p

16.7p

Freecash?ow1

£296.4m

n/a

£205.7m

Netdebt1

£3.52bn

n/a

£3.95bn

Netdebtexcludingleaseliabilities1

£1.11bn

n/a

£1.39bn

Dividendpershare

-

-

3.9p

1 Due to a change in the Group's accounting policy to recognise BACS payments at the settlement date, rather than when they are initiated, the comparative amounts for net debt and free cashflow have been restated.

There are a number of non-GAAP measures and alternative pro?t measures "APMs", discussed within this announcement and a glossary and reconciliation to statutory measures is provided at the end of this report. Adjusted results are consistent with how business performance is measured internally and presented to aid comparability of performance. Refer to adjusting items table below for further details.