Marks ; Spencer Group Anaylsis Essay

Marks ; Spencer Group Anaylsis Essay

Marks and Spencer Group plc © MarketLine Web page 2 Markings and Gradzino Group plc Company Overview COMPANY GUIDE Marks and Spencer Group (M&S or “the company”) is one of the leading retailers of clothing, food and homeware in the UK. The organization operates in much more than 40 countries across European countries, the Middle East, and Asia. It is headquar tered working in london, the UK and employs 79, 169 persons. The company recorded revenues of? 9, 740. 3 mil (approximately $15, 158. eight million) in the financial 12 months ended April 2011 (FY2011)*, an increase of 2. 1% more than FY2010. The operating profit of M&S was? 836. million (approximately $1, 302. 5 million) in FY2011, a loss of 1 . 8% compared to FY2010. The net income was? 612 million (approximately $952. your five million) in FY2011, a growth of of sixteen. 3% more than FY2010. *The financial yr ended 04 2, 2011 was a 52-week period while the monetary year ended April three or more, 2010 was obviously a 53-week period. KEY FACTS Head Office Marks and Spencer Group plc Waterside House 35 Nor a Wharf Road London W2 1NW GBR Phone forty-four 20 7935 4422 Fernkopie Web Address http://www. marksandspencer. com Revenue as well as turnover 9, 740. three or more (GBP Mn) Financial Yr End April Employees 78, 169 Greater london Ticker MKS Marks and Spencer Group plc © MarketLine Site 3 Markings and Bradzino Group plc Business Explanation BUSINESS INFORMATION M&S is a holding firm of the Represents & Spencer Group of businesses. The company is one of the UK’s leading retailers, exceeding 21 mil people visiting its shops each week. M&S offers clothing and residence products, and also foods, procured from about 2, 500 suppliers worldwide. It functions through equally wholly held stores and franchise stores. As of FY2011, the company managed 703 shops in the UK. M&S operates above 361 possessed and franchised stores in over 40 territories. Though the company generally repor ts its revenues in terms of geographic segments (UK and international), its businesses can be classified under two divisions: food and basic merchandise. The meals division concentrates on four primary areas: refreshing, natural, healthy food choices; special special event products; traditional ready meal ranges; and exceptional ever yday foodstuff such as “Oakham” chicken. That operates a chain of 163 Simply Food owned retailers and 202 Simply Foodstuff franchise retailers in excessive streets, freeway service channels, railway areas and atmosphere por ts in the UK. The general merchandise division of the company is categorized in to two sectors: clothing and home. The clothing segment gives women’s wear, men’s use, lingerie, children’s wear, and accessories and footwear. Some of the prominent brands offered by this kind of segment consist of Autograph, Limited Collection, Collezione, Blue Harbor, Girls Specialist, Per Mi, Ceriso, Adored, and Genuinely you. The home segment gives homeware and home components, kitchen and tableware, lamps, and household furniture products. Additionally to selling products through regular stores, the segment also offers catalogue services. M; T offers usana products and providers online along with through flagship stores, high street stores, retail recreation area stores, M; S retailers, Simply Food stores, and Simply Food franchised stores. Marks and Gradzino Group plc © MarketLine Page 5 Marks and Spencer Group plc Record HISTORY M; S begun in 1884 as a stall in an open market in Leeds, the UK. Then generally known as Marks’ Dime Bazaar, it had been the household goods, haberdasher con, toy, and sheet-music organization of Michael jordan Marks, a Jewish retraite from Biskupiec, poland. In 1894, he got Thomas Spencer as a organization par tner. In 1903, M&S was registered as a personal limited organization. Although a clothing design and style depar tment had initially been placed in 1938, it had been not right up until after the Second World War that it became fully designed under a leading designer. In 1973, the organization entered Canada, and bought Peoples Depar tment Retailers and D’Allaird’s, a national women’s put on retailer, both of which this later marketed. The company as well had immediate retailing investments in Canada. That tried to approach south with the border 23 years ago with the purchase of Brooks Siblings, but the ALL OF US operation never took off as the company got hoped. Five franchised shops were sealed down in Turkey it happened in 1999 when the operation par tner Turk Gasoline Holding couldn’t meet it is bank responsibilities and flattened. Later in the year, Marks and Spencer Canada, after twenty-five years of business, closed its 38 shops. The company sold its US clothing chain Brooks Siblings for $225 million in 2001. In 2003, M&S announced the launch of its “&more” credit card. Together with this, Signifies & Bradzino Financial Services was re-branded “Marks & Bradzino Money. ” In 2005, M&S completed the sale of Marks & Spencer Selling Financial Services Loge (M&S Money) to HSBC. During the course of 2005, the company opened 31 Merely Food stores as well as shut down the Lifestore project in the UK. M&S broadened the “Simply Food” formatting with the acquisition of 28 stores on a leasehold basis via Iceland Foods for a concern of? 37 million (approximately $76. three or more million) 5 years ago. In the same year, M&S sold Kings Super Marketplaces, its just non-M&S brand business to a US trader group comprising Angelo, Gordon & Co, MTN Capital Par tners and Mister. Bruce Weitz for $61. 5 , 000, 000 in cash. In 3 years ago, M&S and two of it is long-term suppliers decided to superstar t the introduction of M&S’ 1st “eco-factories”, landmark innovative methods of sustainable making. One element y in Sri Lanka will make lingerie and two industrial facilities in Neither th Wales would produce furniture upholster y. In the same yr, the company launched its own brand LCD widescreen TVs. This kind of range is at addition to the current collection of Volvo TVs currently available at Meters; S. Pelt ther back in, M; S i9000 launched institution wear made out of recycled plastic wine bottles. The company’s first separate home shop in Lisburn, Nor thern Ireland premiered in 3 years ago. In the same year, M&S launched Big & Tall, an exclusive on the web men’s put on offering more than 450 things online ranging from tailoring to knitwear to casual shir ts and trousers. As well in 3 years ago, M; T reduced saturated fat level as much as 82% in more than 500 company’s products. The company reduced saturated fat amounts in products including sandwiches, ready meals, crisps and savor sumado a snacks. Markings and Gradzino Group plc © MarketLine Page five Marks and Spencer Group plc Background Towards the end of 3 years ago, a new Made to Measure shir ts producir vice was launched by M&S, which allowed customers to create a tailor-made shir t within 21 days. The business added new releases to it is men’s use por tfolio in FY2008. M; T also introduced climate control underwear offering temperature controlling technology developed by NASA, extended Collezione company collection by simply introducing fresh shoes, made of wool and cashmere mix trousers. M; S reinvigorated their Blue Harbor brand to attract 35 to 44 yr old men. Also in FY2008, the company celebrity ted to freeze it is ready meals for international sale and launched a variety of 70 lines in 8-10 countries. Later, the company also launched a 25-piece capsule collection called GD25 from Per Una. In 2008, M; S taken off ar tificial colors and flavorings from the entire food and soft drinks range. Inside the same year, the company superior the quantity of space in a number of main out of towns and city hub stores through store plug-ins and also added 35 stores to it is Simply Meals por tfolio, including twenty-five BP franchised stores. A fresh flagship store in fresh Westfield Center at White colored City, Western world London was opened at the conclusion of 2008. To pelt ther improvement in Markets from the asian continent, the company opened its initial 38, 500 square feet retail store in Shanghai in china. M; S i9000 then created a par tnership with Scottish and The southern part of Energy, as per which M; S Energy would source electricity and gas to domestic consumers and prize them with Meters; S store vouchers pertaining to helping environmental surroundings by lowering their strength usage. Meters; S declared plans to close 10 of its Just Food retailers in 2009. The business opened Food to Go retailers in Hong Kong in the same year. Also in 2009, M; S released plans to enter new types in the Indian market, while using launch of bags and boots for men. The organization introduced a Ramadan and Eid style collection out of all 13 retailers throughout the Middle East in the UAE, Bahrain, Qatar, Kuwait and Oman in 2009. Pelt ther in the year, M; T launched individualized greetings greeting cards business online. The company also announced to open its second landmass store in Guangzhou, the administrative centre of Guangdong province in southern China and tiawan. M; H also created a beer and cider range to complement their wine assortment. M; S i9000 launched a renewed version of its website in 2009, the first main update since 2007. Pelt thermore, last year, the company began to offer it is online intercontinental deliver y service to 73 more countries as equiparable t of any drive to grow gross annual sales of M; S Direct. The corporation began it is offering in the homeware sector in 2009. Meters; S released plans to spread out a store in Marbella, Spain by the end of 2009. Inside the same 12 months, M; S i9000 and India-based Reliance Full planned to spread out approximately 55 stores in India inside the following five years beneath the banner with their joint venture business Marks; Gradzino Reliance India. Later back in, the company layed out plans to slice costs simply by? 50 mil (about $150 million) by simply optimizing it is supply cycle and THIS systems. Meters; S as well announced strategies to open a brand new store on the Swords Pavilions shopping center inside the Dublin Airpor t, Ireland, in 2009. The organization opened their new 22, 000 square feet store at Morpeth’s Sanderson Arcade in the same year. M&S made a decision to launch “Simply Food” in Western The european countries. Fur ther in 2009, the business announced programs to sell a particular range of around 400 brand name grocery and household items in all of its UK stores, using a 16-month trial in its shops in the Neither th East and Southern East of England. In 2010, M&S designed a new House energy Service department that would offer customers a suite of energy productivity products and services. Building on the achievement of M&S Energy, that was servicing Marks and Gradzino Group plc © MarketLine Page 6th Marks and Spencer Group plc Record over 125, 000 homes, the company could roll-out a number of new products which includes bespoke energy advice, alternative energy solutions such as solar panels and heat pumping systems, and energy efficient heating alternatives. In the same year, M&S announced a program to be the world’s most environmentally friendly retailer by simply 2015, introducing 80 major new responsibilities under M; S’ environment and honest plan, Strategy A. The new commitments will mean that the business ensures most M&S products become ‘Plan A products’ with by least 1 sustainable top quality. This program will also enable the company’s two, 000 suppliers to adopt Prepare A best practice and encourage M; H customers and employees to have ‘greener’ standards of living. Fur ther in 2010, Meters; S launched a new edition of www. marksandspencer. om designed particularly for use about mobile phones and mobile devices—the first cellular site coming from a major UK high street dealer. Through this kind of, the company aims to expand the multi-channel providing. During the same year, M; S released England Basketball team fit exclusively in M; S i9000 stores, to take advantage of the football World cup spending. The company opened the new 1 . 1 mil square feet syndication centre in ProLogis Park Bradford in the united kingdom in 2010. This warehouse in britain will provide all the company’s stores with furniture products and store products. Later this season, M&S designed a range of Solar PV and Solar heating water heat solutions. Fur thering the sustainability pursuits, the company as well announced that it is going to use polyester-made made from recycled PET drinks bottles instead of virgin polymer to make a lot more than 300 mil clothing care labels 12 months. Towards the end of 2010, M&S released plans to move into rail circulation to reduce their carbon footprint. More than three hundred, 000 general merchandise goods per week might move from road to rail distribution. The company also opened a new shopping center in Vilnius, Lithuania at the end of year. In April 2011, M&S opened its the most sustainable ever shop at Ecclesall Road in Sheffield. This is the first retail outlet of a volume of new Sustainable Learning retailers planned by company as par to of the drive to become the world’s most sustainable major merchant by 2015. The company opened 20 shops in the UK during FY2011, which include 17 Basically Foods. In international, Meters; S exposed 49 fresh stores and closed 12-15 stores. Throughout the same period, the company entered the Egyptian market with a 28, 500 square feet retail store in the Dandy Mega Shopping mall in Cairo. The company, in July 2011, launched a new iPad program for its investors. This program will provide investors with most current M; T financial information. In the next month, Meters; S signed a traceability deal with Traditional Futures. In accordance with the deal, Historical Futures can provide the company total traceability in ever con single clothing and residence product that sells. Meters; S is a first major retailer to commit to full traceability for non-food products. In Sept. 2010 2011, M; S opened a new shop at Westfield, Stratford Town with the latest ‘Only in your M; S’ innovations and customer encounters. In the next month, M&S launched the new The french language website, http://www. marksandspencer. fr/, marking it is first worldwide transactional web page. Marks and Spencer Group plc © MarketLine Webpage 7 Represents and Spencer Group plc History The company, in Nov 2011, opened up its new flagship shop at 100 Avenue dieses Champs-elysees in Paris. M&S, in Feb . 2012, released its store format on its website at www. marksandspencer. com/outlet. M&S Wall plug will completely offer a choice of more than one particular, 300 top quality M&S garments products with up to 40% off the frequent high street and online prices. In the same month, the corporation recalled several products (Crispy Prawn Wonton, Crispy Plant Balls, Prawn Baguette Toast, and Prawn Siu Mai Selection) from its Chinese selection due to mistake in ‘use by’ time. In 03 2012, the company, announced plans to release a new web page for its Irish customers, http://www. marksandspencer. ie/. In 04 2012, M&S announced that it is going to accept old clothes by UK stores in order to recycle into different fabrics or perhaps reuse overseas by the Oxfam charity in an aim to cut waste. Markings and Gradzino Group plc © MarketLine Page 8 Marks and Spencer Group plc Important Employees IMPORTANT EMPLOYEES Name Job Subject Board Marc Bolland Ceo Executive Panel 975000 GBP Alan Stewar t Main Finance Officer Executive Board 550000 GBP Kate Bostock Executive Representative, General Goods Executive Plank 590000 GBP John Dixon Executive Movie director, Food Exec Board 540000 GBP Steven Sharp Business Director, Advertising Executive Table 655000 GBP Laura Wade-Gery Executive Representative, Multi-channel E-commerce Executive Panel Amanda Mellor Group Segregar y and Head of Corporate Governance Executive Table Rober t Swannell Leader of the Board Non Exec Board Vindi Banga Representative Non Business Board Miranda Cur tis Director No Executive Board Jeremy Darroch Director Not Executive Plank 85000 GBP Steven Holliday Director Non Executive Table 85000 GBP Mar tha Lane Sibel Director Non Executive Panel 70000 GBP Jan ni Plessis Representative Non Executive Board 70000 GBP Clem Constantine Movie director, Proper ty Senior Managing Tanith Dodge Director, Recruiting Senior Administration Dominic Fr y Overseer, Communications and Investor Relationships Senior Managing Jan Heere Director, Foreign Senior Managing Nayna McIntosh Director, Shop Marketing and Design and style Senior Supervision Steve Rowe Director, Price tag Senior Supervision Darrell Stein Director, I . t and Logistics Senior Administration Marks and Spencer Group plc © MarketLine Settlement 450000 GBP Page being unfaithful Marks and Spencer Group plc Essential Employee Biographies KEY STAFF BIOGRAPHIES Marc Bolland Plank: Executive Plank Job Title: Chief Executive Officer Seeing that: 2010 Mister. Bolland is the Chief Executive Officer in Marks and Spencer Group since 2010. Previously, having been the Chief Exec Officer by Morrisons Grocery stores from 2006 to 2010. Prior to this, Mr. Bolland worked in Heineken to get 20 years in numerous management jobs, including Professional Board member and Primary Operating Officer, and responsibility for businesses and business development in the usa, France, Italy, Spain, the Caribbean and Latin America. He likewise ser ves as a Director at Staff members. Alan Stewart Board: Professional Board Job Title: Chief Finance Expert Since: 2010 Mr. Stewar t is the Chief Finance Officer in Marks and Spencer Group since 2010. Before signing up for the company, having been the Chief Economical Officer at AWAS, an aircraft rental company. Mister. Stewar capital t spent a decade at HSBC Investment Traditional bank before signing up for Thomas Make in 1996, where he placed various senior roles, including Chief Executive at Thomas Prepare UK. Mister. Stewar capital t joined WH Smith in 2005 while Group Finance Director. He also ser ved as being a Non Professional Director at Games Workshop Group. Kate Bostock Plank: Executive Plank Job Subject: Executive Overseer, General Items Ms. Bostock is the Executive Director of General Items at Markings and Gradzino Group. Your woman joined the organization in 2005. Previously, Ms. Bostock was the Product Overseer for Childrenswear at Up coming from 1994. She also ser ved as the Product Overseer for the George manufacturer covering every area of clothes and boots at Asda. John Dixon Board: Exec Board Task Title: Business Director, Food Marks and Spencer Group plc © MarketLine Page 10 Signifies and Bradzino Group plc Key Employee Biographies Seeing that: 2009 Mister. Dixon is the Executive Representative of Meals at Represents and Gradzino Group as 2009. He joined the organization as a Store Management Trainee. Mr. Dixon held different senior tasks at the company for over 20 years, including Executive Assistant, Chief Executive, and Director of Home and M&S Direct. Steven Sharp Board: Business Board Job Title: Business Director, Advertising Mr. Razor-sharp is the Executive Director of promoting at Represents and Spencer Group. This individual joined the corporation in 2005. Previously, Mr. Shar s served because the Marketing Director by Asda, the Bur load Group, Booker, and Arcadia Group. At the moment, he is a Non Exec Director at Adnams. Laura Wade-Gery Table: Executive Panel Job Subject: Executive Representative, Multi-channel Web commerce Since: 2011 Ms. Wade-Gery has been the Business Director of Multi-channel E-commerce at Marks and Spencer Group seeing that 2011. Prior to this, the lady worked by Tesco and held a variety of senior roles, including Chief Executive Officer of Tesco. com and Tesco Direct. Ms. Wade-Ger y likewise held numerous roles for Gemini Talking to and Kleinwor t Benson. She has already been a Non Executive Movie director at Trinity Mirror since 2006. Amanda Mellor Table: Executive Plank Job Subject: Group Secretary and Brain of Company Governance Ms. Mellor is the Group Secretary and Mind of Cor porate Governance at Markings and Bradzino Group. Your woman joined the corporation in 2005 as the Head of Buyer Relations. Ms. Mellor put in her early career in investment managing at Adam Capel prior to becoming a Overseer within the Corporate Financing team. The girl then served at Rober t Fleming, Investment Bank prior to joining The Bur ton Group as the Director of Cor porate Relations and Investor Associations. Robert Swannell Board: Not Executive Board Job Name: Chairman with the Board Represents and Spencer Group plc © MarketLine Page eleven Marks and Spencer Group plc Crucial Employee Journal Since: 2011 Mr. Swannell has been the Chief of the Board at Markings and Bradzino Group seeing that 2011. He joined the business in 2010 as being a Non Professional Director. Ahead of this, Mr. Swannell was a Senior Impartial Director in the British Area Company, and 3i Group. He spent over 30 years in investment financial at Schroders/Citigroup. Mr. Swannell was previously the Vice Leader at Citi Europe and Co-Chairman for Citi’s Western Investment Bank. Vindi Volas Board: Non Executive Plank Job Title: Director As: 2011 Mister. Banga is a huge Director for Marks and Spencer Group since 2011. He is currently a Par tner at Clayton Dubilier; Rice, a private value investment organization. Prior to this, Mr. Volas spent thirty-three years by Unilever, in which he held a lot of senior positions, including Leader of the Global Foods, Residence and Personal Treatment businesses, and was a member of the Unilever Executive Table. He as well serves as a Non Business Director by Thomson Reuters news agency and Maruti Suzuki India. Miranda Curtis Board: Non Executive Plank Job Name: Director Seeing that: 2012 Ms. Cur tis has been a Director at Marks and Spencer Group since February 2012. She is the Chairman at Waterstones, and a Not Executive Overseer at Liber ty Global. Ms. Cur tis has also been a Low Executive Representative at Nationwide Express Group since 08. She also will serve on the Panels of the Company for Govt, the Hoheitsvoll Shakespeare Business, and Camfed (the leading African girls’ education charity). Jeremy Darroch Board: Non Executive Plank Job Name: Director As: 2006 Mister. Darroch is a Director at Marks and Spencer Group since 06\. He likewise ser ves as the main Executive for British Skies Broadcasting. Previously, Mr. Darroch ser ved as the Chief Financial Official at United kingdom Sky Transmitting. Prior to this kind of, he was the Group Financing Director and Retail Finance Director at Dixons Price tag (formerly DSG International). Marks and Gradzino Group plc MarketLine Webpage 12 Represents and Spencer Group plc Key Employee Biographies Steven Holliday Table: Non Business Board Task Title: Overseer Since: 2005 Mr. Holliday has been a Overseer at Represents and Gradzino Group for 7 years and counting. He is the Group Chief Executive Officer for National Grid. Prior to that, Mr. Holliday served since the Overseer of UK and Europe and was responsible for the UK Electricity and Gas businesses. He is also the Leader of the UK Business Council for Environmentally friendly Energy. Prior to joining Nationwide Grid, Mr. Holliday was an Executive Director in British Borneo Oil and Gas. Previously, he organised several elderly positions for Exxon Group. Martha Lane Fox Table: Non Exec Board Work Title: Movie director Since: 3 years ago Ms. Fox has been a Movie director at Marks and Spencer Group since 2007. The girl with the UK’s Digital Safe bet, the Leader of Race Online 2012, and a Non Executive Director for Channel 5 Television. Ms. Fox can be founder and Chairman of Lucky Voice, and of her own grant-giving foundation, Antigone. She was co-founder of lastminute. com. Jan i Plessis Plank: Non Exec Board Work Title: Director Since: 2008 Mr. i Plessis is a huge Director by Marks and Spencer Group since 2008. He is the Chief at Rio Tinto. Previously, Mr. du Plessis was the Chairman by British American Tobacco and a No Executive Representative at Lloyds Banking Group. He as well ser ved as the Chairman for RHM from 2005 to 2007. Mister. du Plessis was previously the Group Finance Director for Richemont, a position he organised until 2005. Clem Constantine Board: Senior Management Work Title: Overseer, Proper ty Mr. Constantine is the Director, Proper ty at Marks and Spencer Group. This individual joined the organization in 2006. Mr. Constantine was appointed the Group Appropriate ty and Retail Preparing Director for Arcadia Group in 1999. Having been appointed to his 1st finance directorship in 93, for the IS brand at the Markings and Bradzino Group plc © MarketLine Page 13 Marks and Spencer Group plc Key Employee Biographies Bur load Group, and moved through several other financial directorships with variable responsibilities including devices and full. Mr. Constantine was skilled as a Char tered Scrivener at Stoy Hayward, and joined Debenhams in 1989 as a Monetary Analyst. Tanith Dodge Plank: Senior Administration Job Name: Director, Recruiting Since: 2008 Ms. Avoid has been the Overseer, Human Resources by Marks and Spencer Group since 08. She was formerly the Group Recruiting Director in WH Cruz since 2003. At WH Smith, Ms. Dodge was also accountable for Public Relations, Marketing and sales communications and Postal office shooting Operations. Prior to this, the lady was the Mature Vice President Human Resources for The european union, Middle East and Africa (EMEA) in InterContinental Resorts Group. Ms. Dodge likewise served as the Human Assets Director for Diageo’s two business sections. She was also the International Human Resources Manager by Prudential Organization. Dominic Fry Board: Mature Management Task Title: Representative, Communications and Investor Contact Mr. Fry is the Overseer, Communications and Investor Relationships at Marks and Bradzino Group. He joined the corporation in 2009. Just before this, Mister. Fr con ser ved at Tulchan Communications. In 1996, having been appointed the Communications Director at T Sainsbury and ser ved in the same role for ScottishPower via 2000 to 2005. In 1989, Mister. Fr sumado a became the Communications Representative at AT&T in the UK ahead of moving following that to head up communications with the Channel Canal in the middle ’90s. He star ted his profession in 1982 employed in PR agency at Traverse-Healy; Regester and after that Charles Barker. Jan Heere Board: Mature Management Task Title: Director, International As: 2011 Mr. Heere has been the Director, International at Signifies and Spencer Group since 2011. This individual joined Inditex in 2002 where he placed a several international functions, most recently while General Supervisor for Inditex Russia. During 2000–02, Mister. Heere kept various mature management tasks at Zara, Groupo Inmobiliario Lupaco, and Charanga. Started his profession at Manpower in Spain in 1997. Nayna McIntosh Markings and Bradzino Group plc © MarketLine Page 18 Marks and Spencer Group plc Essential Employee Journal Board: Mature Management Work Title: Overseer, Store Marketing and Design Ms. McIntosh is definitely the Director, Store Marketing and Style at Marks and Bradzino Group. The girl joined the company in 2005. Prior to this, Ms. McIntosh was par t with the Management Staff that build the every una manufacturer in 2001. Previously, the lady served since the Prospective Director to get the George brand in Asda shops. Before signing up for George, Ms. McIntosh just visited Next to get four years as a Divisional Executive for the To the south of England. Steve Rowe Board: Older Management Work Title: Overseer, Retail As: 2008 Mister. Rowe has been the Director, Full at Markings and Spencer Group since 2008. He joined the corporation in 1989 and organised a variety of positions in store managing, having recently worked at Topshop being a Store Manager. Mr. Rowe joined Head Office in 1992 as a Merchandiser for Menswear. In 1998, he was promoted to Category Supervisor in the Home furniture Depar tment. In 2001, Mr. Rowe led they developing your home Growth Approach, working with McKinsey Consultants, and became Head of Home types in the year 2003. He was offered to the Director of Home a year later in 2004. Coming from 2004 to 2008, Mr. Rowe was also accountable for Beauty and New Business Advancement. Darrell Stein Board: Elderly Management Work Title: Representative, Information Technology and Logistics Mr. Stein is the Director, I . t and Logistics at Marks and Gradzino Group. He has been working in IT pertaining to 17 years star rollator walker his profession at the organization in 1990. Mr. Stein re-joined M; S in 2006 as the IT Movie director. From 2001 to 06\, he producir ved for Vodafone, turning into IT Overseer for Vodafone UK in 2004. Just before this, Mr. Stein was Vodafone’s UK Network Representative and Global IT Technique and Structures Director. Coming from 1996 to 2001, this individual ser ved at Ernst & Fresh, leading several major THIS and Change Programmes in the finance, retail and utility areas. In 1994, Mr. Stein joined Mars as a Project Manager. Markings and Bradzino Group plc © MarketLine Page 15 Marks and Spencer Group plc Significant Products and Services MAJOR PRODUCTS AND SERVICES M&S is one of the leading retailers of clothing, foods and homeware in the UK. The company’s crucial products and services are the following: Goods: Women’s use Men’s put on Lingerie Children’s wear Footwear Food and grocery things Homeware and home add-ons Kitchen and tableware Lamps Furniture items Services: Charge cards Car, house, travel, and pet insurance Personal loans Brands: Autograph Limited Collection Serie Blue Harbour Girls Specialist Per La Ceriso Adored Truly you Marks and Spencer Group plc © MarketLine Web page 16 Signifies and Spencer Group plc Revenue Examination REVENUE EXAMINATION Overview The corporation recorded profits of? 9, 740. several million (approximately $15, 158. 8 million) in FY2011, an increase of two. 1% above FY2010. Pertaining to FY2011, the united kingdom, the company’s largest geographic market, made up 89. seven percent of the total revenues. M; S generates revenues through two business divisions: meals (51. 5%% of the total revenues in FY2011), and general products (48. 5%). Revenues by division* During FY2011, the foodstuff division recorded revenues of? 4, 499. 4 , 000, 000 (approximately $7, 002. some million), a growth of 1. 9% over FY2010. The general merchandise division registered revenues of? 4, 233. 6 million (approximately $6, 588. eight million) in FY2011, a growth of 2% over FY2010. *The earnings breakdown simply by division is merely for the revenues through the UK marketplace. Revenues by simply geography Great britain, M; S’ largest physical market, made up 89. % of the total revenues in FY2011. Profits from the UK reached? almost 8, 733 , 000, 000 (approximately $13, 591. two million) in FY2011, a growth of 1. 9% over FY2010. International functions accounted for 12. 3% with the total profits in FY2011. Revenues via international functions reached? 1, 007. a few million (approximately $1, 567. 7 million) in FY2011, an increase of 4% above FY2010. Markings and Spencer Group plc © MarketLine Page 17 Marks and Spencer Group plc SWOT Analysis SWOT ANALYSIS M&S is one of the leading retailers of clothing, food and homeware in the UK. The company has broadened its food product offering significantly in the recent years. New products commences, focus on increasing healthy products, promotions, and competitive rates are all supporting the company entice customers in a highly competitive market. Nevertheless , surge in shoplifting could negatively influence the cost composition for M&S. Strengths Disadvantages Expanding meals offering Good market location in the clothes segment Physical expansion to improve the addressable market and reduce vulnerability to mature UK market M&S etched an efficient CSR approach M&S legacy stores and systems certainly are a ompetitive downside Declining standard merchandise department sales due to inadequate stocking Opportunities Hazards Online channel continues to rate of growth and will enable M&S to enhance revenues Focus on China and India can result in expansion in two of the fastest developing markets Rise in shoplifting losses costs the merchants and clients Weak client spending in britain Rising labor cost in the united kingdom Strengths Extended food giving The company features expanded their food product offering significantly in the recent years. Last year, M&S constantly highlighted it is cheaper than Waitrose on a basket of just one, 200 things by about 2%. The company, last season, decided to purchase its margins in order to provide it is customers better value. As a result of this kind of, M&S noticed improved awareness of value by its customers. The company, in FY2011, released around one particular, 800 new products in meals and positioned itself because the UK’s leading good quality food store. The key item launches from the company contain Taste Croatia, and Made With no Wheat variety of gluten-free breads and cakes, With the success of Manufactured Without Whole wheat product range, the business launched gluten-free sandwiches, meat, stuffing, and crisp bakes. As of FY2011, the company provided 125 gluten-free products. M&S also started to be the UK’s second most significant favorite well being food manufacturer with the start of the Simply Richer Longer range which promotes customers to manage their pounds with a menu plan. The gross margin of meals division improved by 20 basis take into account Marks and Spencer Group plc © MarketLine Site 18 Markings and Gradzino Group plc SWOT Evaluation 30. 8% in FY2011. This was generally driven simply by better administration of marketing promotions and waste. Fur ther, in the several th quar ter of FY2012 concluded March 2012, M&S released 500 new items in the food division. The sales in this quar conseguir increased simply by 3. 1%, The company’s promotions including roast dinner for? your five ($7. 8), Dine In, etc provided its clients with wonderful value alternatives for special occasions. M&S’ food division has become performing well in a observar y competitive market and against difficult competitors. By simply launching impressive products and with an expanded food supplying, the company have been able to entice the customers within a highly competitive market. Solid market position in the clothes segment M&S has a strong market situation in the garments segment. Exceeding one in 12 clothing products bought from M&S, the company ranks amongst the three largest clothing merchants in the UK. In respect to a repor t produced by Consensus (Datamonitor’s selling arm) in May 2012, Meters; S is famous for its merchandise quality. The company was rated first using a score of 49 because of its product quality above the marketplace average of 23. In accordance to another repor t unveiled by Decision in The spring 2012, M; S looks forward to highest transformation rate of 50. 7% which is very successful in conver ting surfers to loyal key users through its varied product present, in-store services and garment quality. This suggests that M; S can be described as trustwor thy brand, which all primary users might return to knowing that the quality, suit, and servir vice are reliable and consistent. The retailer features recognized that its primary market of predominantly adult customers continues to be especially hard hit by rising key costs of living, slipping interest on savings and worse leads for retirement benefits, and in response has lowered its entr y rates to be competitive more effectively with high street/value operators and supermarkets, assisting to maintain the devotion of its main users and prevent all of them from purchasing elsewhere. Verdict, in its repor t in March 2012, ranked, M; S 7th in the global depar tment store market with a share of 3. 2%. This market leadership enabled Meters; S to excel through the economic downturn, whilst other mid-market retailers will be pressured through the ever growing value players. Leading marketplace position signifies access to a huge customer base and in addition popularity of M; S’ offering in the garments segment. Going forward, this market placement would enable the company drive an automobile revenues while consumer spending recovers. Geographical expansion to boost the addressable market and minimize vulnerability to mature UK market Using a por tfolio of over 361 possessed and franchised stores in 42 areas M&S keeps growing its international business. This kind of mix of control models and countries enabled the company to execute well in FY2011, even when individual markets had been weak. Coat ther, during FY2011, the company entered the Egyptian marketplace with a twenty-eight, 000 sq ft store inside the Dandy Ultra Mall in Cairo. M&S’ international business grew by 4% in FY2011 inspite of tough economy. As an established retailer in a mature market, it is going to be tough for M; S to continually deliver significant improves in UK sales. However , in the long run, their international organization offers an oppor tunity for high expansion. By producing much higher volumes, it can deliver margin rewards with suppliers. With production costs growing, this will end up being an advantage in britain. International enlargement will enable the company to get into multiple revenue points for most of the product ranges. This is particularly relevant intended for clothing and homewares sections. Also, through expansion inside the international marketplaces M; S i9000 can decrease Marks and Spencer Group plc © MarketLine Web page 19 Signifies and Spencer Group plc SWOT Evaluation vulnerability to mature UK market. The organization can also equiparable ticipate effectively in some of highest developing markets just like China and India. All of these factors could enable the organization to reduce the general business risk and assist in increased profits. M; T etched a powerful CSR approach M; S has to their credit a highly effective corporate social responsibility (CSR) strategy. CSR has been increasing prominence not merely among the stake holders and governments nevertheless the consumers as well. The company provides the highest propor tion of shoppers believing it to be a accountable retailer and this can typically be caused by the success of it is Plan A, a? 200 million (approximately $320. 3 million) 100-point plan introduced in 2007 with five areas of target: climate change, fair similar tnership, overall health, sustainable recycleables, and waste materials. In FY2011, the company included two more areas in its Plan A: involving clients, and producing Plan A how we work. In the last couple of years, initiatives introduced under the Program A banner include starting the company’s first eco-store, encouraging suppliers to set-up eco-factories, eliminating hydrogenated fat from its ready meals, elevating the propor tion of organic food, reducing the salt content of its develop, cer tifying a larger percentage of its fish as originating from environmentally friendly populations, and beginning to promote recycling and composting bins. It is the high profile presence of Plan A in adver tising promotions, product labels and store signage that offers M&S one of the best consumer perceptions of a dealer for sociable responsibility. The campaign works not just being a direct to consumer route, but as well because of the positive coverage it creates. Perhaps more impor tantly, it has publicized all of these pursuits extensively. In 2008, M&S launched a TV SET adver tising campaign concentrating on its honest, environmental and health-conscious qualifications, highlighting it only uses free range eggs and this its products are actually free from areal tificial shades and flavorings. Other, more innovative, ideas have included a joint venture with Oxfam to promote the recycling of old outfits. In addition , even more controversially, the retailer launched a 5p charge pertaining to carrier bags in any way of its food depar tments in 2008. Though many buyers resented this kind of charge, they have undoubtedly enhanced M&S’ popularity as an ethical merchant. Overall, sculpting its CSR strategy in such a higher publicity marketing campaign, divided into this sort of clear actions points and highly visible benefits, has seen the corporation move to the forefront of responsible retailing. In FY2011, the company launched Indigo Green, its initially range of clothes made applying more eco friendly fabrics. In April 2012, the company announced to accept old clothes at all the UK stores except Simply Food retailers, to recycle for cash them in to other fabrics or to reuse them to be able to cut waste materials. Plan A has found CSR become core to M; S’ principles in the eyes with the consumer and it has gained the benefits of this, gaining shoppers as a result and repor tedly saving more than? 70 mil (approximately $108. 9 million) in efficiencies gained in FY2011 compared to? 50 , 000, 000 (approximately $77. 8 million) in FY2010. In addition , M&S improved strength efficiency in its stores by simply 23% and warehouses by 24% in FY2011 in comparison to FY2007. It also improved the fuel productivity of it is deliver y fleets by 20% and total co2 emissions had been reduced simply by 13%. The organization now recycles 94% of all the waste it generates from the stores, offices and warehouses. The total spend is down by higher than a third. M&S also achieved its lasting standards by sourcing 90% of wild fish in FY2011 (62% in FY2010) and 76% of solid wood in FY2011 (72% in FY2010). Marks and Bradzino Group plc © MarketLine Page twenty Marks and Spencer Group plc SWOT Analysis By simply actively marketing a product’s greener qualities (for case in point fewer, even more recognizable and natural ingredients), retailers just like M; T have positioned products as improving one’s personal environment while gaining the global environment too. Many of their success have come from emphasizing the previous rather than the other, especially as consumers typically associate ethics with a impression of well-being. In terms of the difficulties that concern consumers, the sustainability of natural solutions is a main fear, similar to climate transform and the fairness of finding arrangements. Individuals are also interested in products with health benefits and there is a clear tendency that consumers can be confident to equiparable t with increased money in return for goods with a impact, not just to them personally, but as well to wider society. Certainly, differentiating among products becomes harder and harder to achieve, Verdict needs consumers to turn to auxiliary factors such as ethicality and sustainability to guide all their choices. People are no longer simply satisfied with what sort of product appears and capabilities; they want assurances over factors such as nvironmental impact, hygiene, safety, and fairness. In light of the above mentioned trends the place that the customer selections are progressively guided by the sustainability problems, M&S can benefit because of reputation of like a responsible merchant. Weaknesses M&S legacy shops and devices are a competitive disadvantage M&S suffers a lot of competitive down sides compared to Petrol station, which has been capable of drive profits before fascination and tax (EBIT) progress even in the mature UK market. Sainsbury benefits from provider power and state-of-the-ar to IT, source chain and systems in comparison with M&S musical legacy systems. The supermarket store has been capable of break up the demand cur empieza with metro, express and massive box retail outlet formats out of town and on the high street. Moreover, Tesco shops have been cautiously designed with regular store layouts in order to help store course-plotting. Extra back again room retail outlet space has also been allocated to allow for smooth delivery of the picking and distribution version. Tesco markets both individual label and branded merchandise (food and nonfood ) in a bid to drive up footfall and sales change. M&S musical legacy stores happen to be inconsistent in terms of layout. Store size is likely to dictate item availability, although a lack of backside room store space does not facilitate a similar style superstore pick and delivery version. The musical legacy systems and stores of M&S happen to be constraining effective servicing of customer requirements on a regular basis. This really is placing the company at an obvious competitive downside compared to a formidable challenger, Tesco. Weak general merchandise division revenue due to not enough stocking The company’s general merchandise department sales decreased in recent times, M&S’ general goods division revenue decreased simply by 2 . % in the several th quar ter of FY2012 finished March 2012. This was primarily due to shor tage of stock in its stores, Because of this, the company was also not able to meet client demand for 300, 000 knitwear garments underneath the M&S Woman label. This only marketed Marks and Spencer Group plc © MarketLine Page 21 Marks and Gradzino Group plc SWOT Evaluation 100, 500 knitwear clothes during this period. Fur ther, much more high demand, not enough stock may hamper the sales from the division and result in decrease of sales to competitors. This not only affects the revenues with the company yet could also bring about shift of shoppers to its competitors. Opportunities Online channel continues to growth and will permit M&S to boost revenues Online retail revenue in the UK have raised significantly during time. Relating to Office for Nationwide Statistics, non-seasonally adjusted average weekly value for internet retail revenue in the UK was? 414 million (approximately $644. 3 million) in Februar y 2010, this elevated to? 573. 6 mil (approximately $892. 7 million) in March 2012, which represents an increase of 18%. Internet sales made up only 8% of the total retail revenue (excluding fuel) in Februar y 2010. This number increased to 10. seven percent in February 2012. The growing desire for convenience is seeing shoppers buy more online, particularly in the category of meals and food. Consumers also have become smarter, using the internet even more to get the best package they can. Voucher codes, and cashback sites have been completely instrumental from this. Additionally , better deliver y and fulfillment options have already been encouraging consumers to shop more online. The company operates in the internet channel through M&S Immediate where the items are offered through website and newly introduced ‘Shop The Way’ facility, a new ordering service which has been rolled-out in 444 stores (including 151 in Simply Foods stores) during FY2011, allowing clients to place instructions either in stores, online or higher the phone, intended for deliver con to whether nominated address or free of charge to their nearest store. M&S Direct’s revenue increased by? 413 million (approximately $642. 8 million) in FY2010 to? 543 million (approximately $845. million) in FY2011, an increase of 31. five per cent. Fur ther, in the 1st half of FY2012, M&S Direct’s sales improved by 14. 7% using more than three mil visitors weekly. Thus, by simply leveraging it is online existence, M&S can cater to certain requirements of a growing number of customers who are searching for convenience and better bargains over the internet. Concentrate on China and India can cause expansion in two of the fastest developing markets China and tiawan and India are two economies which are recording highest growth rates which, in return, are expected to help the housing market for full retail list prices growth in these two countries. Asia’s price tag sales are estimated to improve with China driving the expansion. According to the initial estimation, the gross domestic product (GDP) of China was CNY47, 156. some billion ($7, 285. six billion) this summer, a year-on-year increase of 9. 2% at identical prices. The fast pace monetary development in China coupled with the surge of the central class profits group and the increasing throw away income possess fur ther pushed up the demand for many consumer products. According to National Bureau of Stats of China, the total price tag sales come to CNY18, 391. 9 billion dollars (approximately $2, 841. billion) in 2011, addressing a year-on-year nominal growth rate of 17. 1%. Fur ther, according to industr con estimates, the countr y’s total retail sales are expected to increase via approximately CNY20 trillion ($3 trillion) news to about CNY26 trillion ($4 trillion) in 2016, representing a rise of about 30%. Strong Marks and Spencer Group plc © MarketLine Page twenty two Marks and Spencer Group plc SWOT Analysis root economic trends, population expansion and the raising wealth of individuals are key elements that help the retail market growth in China. The selling industry in India can be large due to a large populace and is started grow since several factors contribute. Based on the industry options, the price tag sales in India are forecast to grow coming from around $411 billion this summer to $804 billion by 2015. The key factors behind the forecast progress include good underlying economic growth, human population expansion, raising wealth of persons and the quick construction of organized full infrastructure. Also, as central and prestige consumer base expands, there will also be oppor tunities in India’s second and third-tier cities. The higher availability of personal credit and a growing automobile population in order to improve flexibility which will likewise contribute to a trend to retail revenue growth. M; S can be strengthening existence in India and Cina as doble t of its geographic expansion as well as for some time to come, these kinds of countries would be the key members to the company’s international enlargement strategies. The organization in with par tnership with Reliance Price tag, an established store in India, can tap into this profitable market although expansion in China likewise continues. Of india and Oriental markets gives a huge revenue base intended for M&S. Dangers Surge in shoplifting deficits costs the retailers and customers The UK retailers experience increased costs of shoplifting. Shoplifting has assumed substantial propor tions in recent times. In respect to market estimates, price tag crime costed UK shops? 1 . four billion ($2. 2 billion) in 2011. There are about two million thefts per year, which in turn concludes to a average of more than one per minute. According to another industr con repor big t, the thefts across the UK stores increased from? 5. 2 mil ($6. your five million) last season to? your five. 1 million ($7. being unfaithful million) in 2011, an increase of 20%. Long term trends also show the figure is likely to continue rising. Consequently, retailers have already been increasing their surveillance spend. This is raising the costs pertaining to retailers and with the end buyers. The shoplifting losses are adding to the costs for the retailers and the customers are also bearing the brunt. The surge in shoplifting could negatively influence the cost framework for M&S as well. Poor consumer spending in the UK Great britain market is experiencing weak client spending. The European financial debt crisis added more downwards pressure for the growth potential customers of the UK. According to Eurostat, the united kingdom economy grew by zero. 7% this year and is anticipated to grow by simply 0. five per cent in 2012. In addition , the UK has witnessed large unemployment rate. According to the Workplace of National Statistics, the unemployment rate for the three months period November 2011 to January 2012 was 8. 4% with installment payments on your 67 mil unemployed people in the UK. Raising unemployment price is likely to fur ther put pressure on the economic climate of the UK. High inflation, led by increase in VALUE-ADDED TAX to 20% and general public spending slashes reduced non reusable Marks and Spencer Group plc MarketLine Page 3 Marks and Spencer Group plc SWOT Analysis cash flow, leading to a fall in consumer spending on discretionary items. Consumers have been cautious with their spending especially because of soaring gasoline prices, duty increases and uncer tainty over jobs. The UK is vital market intended for M&S. In FY2011, great britain accounted for 89. 7% of M&S’ total revenues. Hence, the slow consumer spending and large unemployment level in the UK can affect almost all of the non-food merchants and lead to reduced sales volume or perhaps shrinking profit margins. Rising labor cost in the united kingdom Labor costs are growing in the UK. In recent years, tight labor markets, elevated over time, authorities mandated improves in bare minimum wages and a higher propor tion of full-time workers are leading to an increase in labor costs, which may materially impact the company’s results of operation. The National Minimal Wage (NMW) Regulations came into force in 1999 and since then your NMW prices have been elevated annually. The national minimum wage elevated from? five. 93 per hour ($9. 23 per hour) in March 2010 to? 6. 08 per hour ($9. 46 every hour) in October 2011. Fur ther, the countrywide minimum salary is expected to increase to? 6. nineteen per hour (9. 63 per hour) by October 2012. In FY2011, M&S employed 78, 169 people. Increasing labor costs can adversely affect the company’s operating costs as its income bills could escalate. This, in turn, may impact the margins detrimentally. Marks and Spencer Group plc © MarketLine Web page 24 Represents and Spencer Group plc Top Competition TOP RIVALS The following businesses are the major opponents of Marks and Bradzino Group plc ASDA Group Limited Debenhams plc H; M Hennes; Mauritz AB J Sainsbury plc SUBSEQUENT plc Selfridges plc Tesco PLC Gap, Inc., French Connection Group Plc Home of Fraser Group Plc John Lewis Par tnership plc Arcadia Group Limited Home Selling Group Plc Marks and Spencer Group plc © MarketLine Web page 25 Marks and Spencer Group plc Company Look at COMPANY WATCH A statement simply by Rober t Swannell, the Chairman in the Board for Marks and Spencer Group, is given under. The affirmation has been obtained from the company’s Annual Repor t intended for FY2011. I feel ver con privileged to become Chairman of the unique business and at this kind of exciting amount of time in our progression. Since signing up for Marks; Gradzino in Oct and assuming the function of Chief in Januar y, I have spent a lot of my time getting to know the business better – meeting our employees, investors, customers and suppliers. My spouse and i first started to be deeply included in M; S during the unrequested takeover make an effort in 2004, when I led the advisory team that helped place the M; S case to its investors. It was i quickly learned quality about this exceptional company: regarding the extremely strong romantic relationship it has using its many stakeholders and about its very special ethos. This ethos is a result of the substantial standards the customers expect from M; S – trusting all of us not only to deliver great benefit, great quality products nevertheless also to do the right point – socially, environmentally and ethically. We know that putting Strategy A at the hear to of how we all do business is not only the right thing to do; it is also primary to our long-term success. Overall performance In a tough marketplace Meters; S has continued to grow, with underlying earnings up doze. 9% within the year. We all delivered this kind of by keeping true to our heritage of quality and innovation, reminding our buyers what makes M; S exceptional. This year Marc Bolland decide a clear medium-term plan for the business enterprise, after extensive discussions with colleagues and us, the Board. This is covered in greater detail in Marc’s review. Coming from day one, I have been struck by the passion and commitment of our people. My spouse and i am delighted that this season we are spending a bonus to all or any employees to thank all of them for their energy and passion in what has been a difficult trading environment. Gross We are committed to delivering regular returns for our investors. To this end we have used a modern dividend coverage, with returns broadly covered twice by simply earnings. All of us intend to pay a final dividend of twelve. 8p per share (last year on the lookout for. 5p) in respect of the 2010/11 financial season. Governance Marks and Gradzino Group plc © MarketLine Page 21 Marks and Spencer Group plc Company View This season we came back to the classic governance structure of a distinct Chairman and Chief Executive, offering clarity among Marc Bolland and myself, with regard to our respective jobs. Put simply, I run the Board and Marc runs the business. The Board has a wide range of tasks. There are 3 that I believe are doble ticularly impor tant to get the success of the organization: first, to debate and agree each of our strategy and hold the exec team accountable for its delivery; second, to ensure we have one of the most talented group to perform this strategy and this we plan effectively intended for succession; and third, to set the sculpt for governance, which is similar ticularly impor tant for M; T where ‘doing the right thing’ is an important par to of our cast. My hinsichtlich is to ensure the Board has the right mix of abilities and skills and to make sure that it works efficiently as a team to shared goals with the right mix of enquir con and suppor t from the executive owners from the nonexecutive directors. During the year we entrusted a formal Table evaluation via an independent expert, the results of which will be outlined inside the Governance section. This process highlighted the real enthusiasm of the owners in assist ting a shared ambition: to guide Meters; S towards the ver sumado a best upcoming. We know that you expect high standards from M; S; it’s our responsibility to learn the way you can increase. This assessment was a great impor tant par to of that voyage. As stated inside our 2009/10 Annual Repor capital t, we evaluated the older remuneration structure this year. Pursuing extensive shareholder consultation, we expect we now have a framework that is certainly both tightly related to today’s Meters; S and fully in-line with our technique. The Panel Over the last year the Table has been heightened by a series of executive sessions. In May 2010 Marc Bolland joined the business enterprise as Leader, assuming the day-to-day running of the business from Friend Stuar big t Rose in July. In October Alan Stewar capital t joined as Chief Financing Officer and in February we announced the appointment of Laura Wade-Gery as Professional Director, Multi-channel E-commerce; she will join the Board in July. Whilst the Board features some new faces, these kinds of changes have taken place around a core of executive and non-executive directors that has continued to be stable more than recent years. I would like to pay par ticular tribute to Sir Stuar t Flower. When he became Chief Executive in 2004, M; S was at a low ebb. He renewed confidence in M; S, re-established it is values and built a powerful business. The solid program from which Marc is now implementing his prepare is a credit rating to Stuar t’s energy and tireless commitment to M; T over the last seven years. The graceful management changeover – the meticulous handover to me and the suppor big t of Marc – is also a credit to Stuar t. Because connection, We would also like to thank Sir David Michels, and the Selections; Governance Panel he led, for managing a change of leadership over the past year that was completed quietly and effectively. David has chosen to step down from the Panel at the end of his second term in February 2012, but My spouse and i am happy that he can continue his role as Deputy Chief until after that. Marks and Spencer Group plc © MarketLine Page 27 Marks and Gradzino Group plc Company Look at I must as well thank Louise Patten pertaining to the significant contribution she has built over the last five years, playing an impor tant part in each of our Board Committees. As Louise reaches the conclusion of her second 3 year term on the Panel, she has didn't seek re-election at the future AGM. Searching ahead Each of our priorities intended for the year in advance are crystal clear. We have a plan and it is right now our communautaire job for making it happen. The Table will give full attention to delivering exemplary governance in the highest level to enable the executive team to drive this strategy forward. The economy still provides us reason to be cautious. Yet in difficult occasions, our key values of Quality, Value, Ser vice, Innovation and Trust matter more than ever to M; S customers. These types of values stay at the notice t of your strategy and I therefore look ahead to the future with full confidence. Marks and Spencer Group plc © MarketLine Webpage 28 Represents and Gradzino Group plc Locations and Subsidiaries PLACES AND SUBSIDIARIES Head Office Signifies and Gradzino Group plc Waterside Home 35 Nor th River Road London, uk W2 1NW GBR P: 44 20 7935 4422 http://www. marksandspencer. com Other Locations and Subsidiaries Marks and Bradzino International Cooperation Limited The uk GBR Markings and Gradzino (Nederland) VAGINOSIS NLD Signifies and Gradzino (Ireland) Limited IRL Represents and Gradzino (Asia Pacific) Limited HKG Marks and Spencer Basically Foods Limited Great Britain GBR Marks and Spencer Marinopoulos Greece SOCIAL FEAR GRC Represents and Gradzino SCM Limited

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