Marks and Spencer 2011 Annual Report Download - page 114

Download and view the complete annual report

Please find page 114 of the 2011 Marks and Spencer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

&MFDUSPOJDDPNNVOJDBUJPO
*OSFDFOUZFBSTDIBOHFTJOMFHJTMBUJPOIBWFSFNPWFEUIFOFFE
GPSDPNQBOJFTUPNBJMFOEMFTTBNPVOUTPGQBQFSUPTIBSFIPMEFST
*OTUFBEDPNQBOJFTBSFUVSOJOHUPUIFTQFFEFOWJSPONFOUBMBOE
DPTUTBWJOHCFOFUTPGDPNNVOJDBUJOHXJUIUIFJSTIBSFIPMEFST
WJBUIFJOUFSOFU.4IBTBDUJWFMZCFFOFODPVSBHJOHTIBSFIPMEFST
UPTJHOVQUPUIJTNFUIPEPGDPNNVOJDBUJPOBTUIFSFEVDUJPOJO
QSJOUJOHDPTUTBOEQBQFSVTBHFNBLFBWBMVBCMFDPOUSJCVUJPO
UPPVSA1MBO"DPNNJUNFOUT*UJTFRVBMMZCFOFDJBMUP
TIBSFIPMEFSTXIPDBOCFOPUJFECZFNBJMXIFOFWFSXFSFMFBTF
USBEJOHVQEBUFTGPSJOWFTUPSTUPUIF-POEPO4UPDL&YDIBOHF
5IFTFBSFOPUNBJMFEUPTIBSFIPMEFST
3FHJTUSBUJPOJTWFSZTUSBJHIUGPSXBSEUISPVHI4IBSFWJFX
UIFJOUFSOFUCBTFEQMBUGPSNQSPWJEFECZ&RVJOJUJ'PSJOGPSNBUJPO
BCPVUIPXUPSFHJTUFSQMFBTFWJTJUUIFA*OWFTUPSTTFDUJPOPGPVS
DPSQPSBUFXFCTJUF
4IBSFIPMEFSTFDVSJUZ
3&.&.#&3JGJUTPVOETUPPHPPEUPCFUSVFJUQSPCBCMZJT
*UTPVOETPCWJPVTCVUJGBTUSBOHFSSJOHTZPVPVUPGUIFCMVFBOE
USJFTUPTFMMZPVTIBSFTJODPNQBOJFTZPVIBWFQSPCBCMZOFWFS
FWFOIFBSEPGoUBLFHSFBUDBSF5IFZNBZCFQBSUPGBfinBODJBM
TDBNVTJOHIBSETFMMUBDUJDTUPQFSTVBEFZPVUPCVZTIBSFT
4IBSFIPMEFSTBSFBEWJTFEUPCFWFSZXBSZPGBOZVOTPMJDJUFE
BEWJDFPGGFSTUPCVZTIBSFTBUBEJTDPVOUPSPGGFSTPGGSFFSFQPSUT
BCPVUUIF$PNQBOZ'VSUIFSJOGPSNBUJPODBOCFGPVOEBU
NPOFZNBEFDMFBSPSHVL
$BQJUBM(BJOT5BY
'PSUIFQVSQPTFPG$BQJUBM(BJOT5BYUIFQSJDFPGBOPSEJOBSZ
TIBSFPO.BSDIXBTQXIJDIXIFOBEKVTUFEGPSUIF
GPSTDSJQJTTVFJOHJWFTBHVSFPGQ'PMMPXJOHUIF
DBQJUBMSFPSHBOJTBUJPOJO.BSDI).3$IBTDPOSNFEUIF
CBTFDPTUGPS$(5QVSQPTFTXBTQGPSBOPSEJOBSZ
TIBSFBOEQGPSB#TIBSF
"NFSJDBO%FQPTJUBSZ3FDFJQUT"%3T
5IF$PNQBOZIBTB-FWFM"%3QSPHSBN5IJTFOBCMFT64
JOWFTUPSTUPQVSDIBTF.BSLT4QFODFS"NFSJDBO%FQPTJUPSZ
4IBSFT"%4JO64EPMMBSTAPWFSUIFDPVOUFS5IF$PNQBOZIBT
DIPTFOUPIBWFUIF"%3TRVPUFEPOUIF05$NBSLFUTIJHIFTU
UJFS*OUFSOBUJPOBM1SFNJFS29
'PSJOGPSNBUJPOPO05$29HPUP
PUDRYDPN
'PS%FVUTDIF#BOLFNBJM
%#!BNTUPDLDPN
"%3XFCTJUFBESECDPN
5PMMGSFFDBMMFSTXJUIJOUIF64

'PSUIPTFDBMMJOHPVUTJEFUIF64

,FZEBUFTGPSZPVSEJBSZ
+VOF &YEJWJEFOEEBUFo'JOBMEJWJEFOE
+VOF 3FDPSEEBUFUPCFFMJHJCMFGPSUIFfinBMEJWJEFOE
+VMZ 3FTVMUTo2VBSUFS*OUFSJN.BOBHFNFOU4UBUFNFOUp
+VMZ "OOVBM(FOFSBM.FFUJOHDPNNFODFTQN
+VMZ 'JOBMEJWJEFOEQBZNFOUEBUFGPSUIFZFBSUP"QSJM
/PWFNCFS 3FTVMUTo)BMG:FBSp
/PWFNCFS &YEJWJEFOEEBUFo*OUFSJNEJWJEFOE
/PWFNCFS 3FDPSEEBUFUPCFFMJHJCMFGPSUIFJOUFSJNEJWJEFOE
+BOVBSZ 3FTVMUTo2VBSUFS*OUFSJN.BOBHFNFOU4UBUFNFOUp
+BOVBSZ *OUFSJNEJWJEFOEQBZNFOUEBUF
QSPWJTJPOBMEBUFT
p5IPTFSFHJTUFSFEGPSFMFDUSPOJDDPNNVOJDBUJPOPSOFXTBMFSUTBUNBSLTBOETQFODFSDPNUIFDPNQBOZXJMMSFDFJWFOPUifiDBUJPOCZFNBJMXIFOUIJTJTBWBJMBCMF
)PXUPHFUJOUPVDI
3FHJTUFSFEPGD FB O E) F BE PG DF
8BUFSTJEF)PVTF/PSUI8IBSG3PBE
-POEPO8/8
5FMFQIPOF
3FHJTUFSFEJO&OHMBOEBOE8BMFTOP
3FHJTUSBST
&RVJOJUJ-JNJUFE
"TQFDU)PVTF4QFODFS3PBE-BODJOH
8FTU4VTTFY#/%"
6OJUFE,JOHEPN
5FMFQIPOF
BOEPVUTJEFUIF6,
NBSLTBOETQFODFS!FRVJOJUJDPN
TIBSFWJFXDPVL
( SP VQ4 FD SF UB S ZB OE) FBEP G$PS QPS BUF( PW FS OB OD F
"NBOEB.FMMPS
"EEJUJPOBMEPDVNFOUT
'PSCPUIUIF"OOVBM3FQPSUPS"OOVBM3FWJFXHPUP
NBSLTBOETQFODFSDPNUIFDPNQBOZ
"MUFSOBUJWFMZDBMM
1MFBTFOPUFTUVEFOUTBSFBEWJTFEUPTPVSDFJOGPSNBUJPO
GSPNPVSXFCTJUF
$POUBDUVT
FNBJMVTBUDIBJSNBO!NBSLTBOETQFODFSDPN
$VTUPNFSRVFSJFT
4IBSFIPMEFSRVFSJFT
.B SL TBO E4 Q F OD FS( SP VQQ MD"OOVBMSFQPS UBOEOBODJBMTUBUFNFOUT

4IBSFIPMEFSJOGPSNBUJPO