Marks & Spencer has spent the last five years putting in place strong foundations in line with our long-term plan. They have introduced new products and services in their core business of General Merchandise (GM) and Food, and have broadened their multi-channel offer, expanded the international presence, and have improvised their property portfolio, and put Plan A at the heart of their core business.

Throughout the year they have prudently managed costs and continued their investment in the systems and supply chain so they can improve efficiency across the business. They also responded to the changing needs of the customers by improving their values without compromising on quality; something they view as short-term pain for a long-term gain.

As well as helping through these tough conditions, these steps will enable them to take advantage of the opportunities that lie ahead and maximize value for their shareholders.

With a strong brand, the right products and an experienced and talented management team, they are now:

• Increasing the pace of change and operational execution in the business;
• Leveraging M&S Direct by building more channels to market;
• Building their international portfolio to grow the global customer base; and
• Reinvigorating their brand communications.

As they celebrate our 125th anniversary they do so with an unrivalled reputation for Quality, Value, Service, Innovation and Trust. These core values are as important today as they ever have been. They are all about doing the right thing which is, quite simply, how M&S does business.