Marks & Spencer Group plc: Confidence into new growth phase

研报英文原文证据摘录

Marks & Spencer Group plc: Confidence into new growth phase

Barclays | Marks & Spencer Group plc

•• FY25/26 store sales constrained due to availability challenges. Three new full-line stores

opened, trading in line with expectations. Full-line stores opened in FY24/25 are performing

well, delivering ahead of plan (payback average of 2.9 years).

•• In Online, near-term focus on strengthening fundamentals, including search, imagery,

descriptors, checkout and payments. Core platform modernisation underway to enable faster

change and improved personalisation through Sparks. Accelerating rollout of planning

platform to improve end-to-end product flow Expanding lower-cost capacity through boxed

automation and improved sortation at Castle Donington and the acquisition of an automated

distribution centre from ASOS. Strengthening buying, merchandising and logistics processes

to reduce split shipments, improve service and lower online costs.

International

•• Impacted by a lagging recovery from the cyber incident. Total sales down -7.2% with

improving 2H performance. Wholesale and marketplaces partly offset declines in owned and

franchise. Delays in shipments to the Middle East in the final month of FY25/26 impacting 2H

Franchise performance.

•• Franchise terms are being reset to enable investment in trusted value. Online sales are

starting to grow through marketplaces, with expanded ranges on Zalando in Europe.

Wholesale growing from a small base with new agreements with retailers such as Coles in

Australia for Food and with Nordstrom in the US for Fashion.

•• Seeing a strong volume response to value investments in Asia, Czechia and direct-to-

consumer.

Ocado Retail

•• Sales up +15.0%, driven by more effective customer acquisition and retention, and increased

frequency of shop.