Marks and Spencer 2011 Annual Report Download - page 22

5IJTZFBSXFDPOTPMJEBUFEPVSQ PT JUJPOB TU IF6 ,TMF B E J O HIJH IRVBMJUZ
G PP ES FU BJ MF S# V JM EJ OH PO PV ST U SP OH IF SJ U BH FP GR VB MJ U ZB OE JOOPWBUJPO
XFSFOFXFEPVSGPDVTPOGSFTIOFTTTQFDJBMJUZBOEDPOWFOJFODF
MBVODIJOHfiSTUUPNBSLFUQSPEVDUT$VTUPNFSTSFTQPOEFEXFMM5PUBM'PPE
TBMFTXFS FVQUPb  COXJUIMJ LF GPSMJLFTBMFTVQ
0VSFYDFQUJPOBM
RVBMJUZBOENBSLFU
MFBEJOHJOOPWBUJPO
TFUT.4GPPE
BQBSUGSPNUIF
DPNQFUJUJPO
+PIO%JYPO&YFDVUJWF%JSFDUPS'PPE
'PPETBMFT 7BMVF
NBSLFUTIBSF
0WFSWJFX
%VSJOHUIFZFBSNBOZDVTUPNFSTIBWF
DIPTFOUPEPNPSFPGUIFJSTIPQQJOHXJUI
.4SFDPHOJTJOHPVSFYDFQUJPOBMRVBMJUZ
JODSFBTFEJOOPWBUJPOBOEJNQSPWFEWBMVFT
0VSDVTUPNFSTMPWFUPfinEOFXBOE
FYDJUJOHQSPEVDUTPOPVSTIFMWFTBOEUIJT
ZFBSXFHBWFUIFNFWFOHSFBUFSDIPJDF
EFMJWFSJOHPOPVSQSPNJTFUPSFGSFTIPG
PVS'PPESBOHF
"TEJTQPTBCMFJODPNFTSFNBJOFEVOEFS
QSFTTVSFNPSFDVTUPNFSTDBNFUP.4
SFDPHOJTJOHUIBUXFPGGFSHSFBUWBMVFBOE
VOSJWBMMFERVBMJUZ5XPZFBSTBHPXFUPPL
UIFEFDJTJPOUPJOWFTUJOPVSNBSHJOTUPHJWF
PVSDVTUPNFSTFWFOCFUUFSWBMVFXJUIPVU
DPNQSPNJTJOHPVSRVBMJUZTUBOEBSET
8FBSFOPXTFFJOHUIFCFOFfiUTPGUIJT
EFDJTJPOXJUIJNQSPWFEQFSDFQUJPOT
PGWBMVFPWFSUIFMBTUNPOUIT
#FUUFSNBOBHFNFOUPGQSPNPUJPOTBOE
UJHIUFSXBTUFDPOUSPMIBWFIFMQFEVTPGGTFU
UIFDPNNPEJUZQSJDFJODSFBTFTUIFNBSLFU
FYQFSJFODFEBOEJNQSPWFPVSGPPE
NBSHJOT
8FBMTPXPSLFEIBSEUPFOTVSFPVS
DVTUPNFSTDPVMEfinEUIFJSGBWPVSJUF
QSPEVDUTFWFSZUJNFUIFZTIPQQFEXJUIVT
8FSPMMFEPVUOFXTUPDLNBOBHFNFOU
TZTUFNTUIBUQSPWJEFVTXJUISFBMUJNF
EBUBHJWJOHVTCFUUFSWJTJCJMJUZUPIFMQ
JNQSPWFPOTIFMGBWBJMBCJMJUZ
2VBMJUZTUJMMVOEFSQJOTFWFSZUIJOHXFEP
5IJTZFBSXFDPOUJOVFEUPEFMJWFSBXBSE
XJOOJOHQSPEVDUTUIBUBSFTPVSDFE
SFTQPOTJCMZBOENFFUUIFIJHIFTUFUIJDBM
TUBOEBSET
2VBMJUZ
0VSSFQVUBUJPOGPSFYDFQUJPOBMRVBMJUZTFUT
VTBQBSUGSPNPVSDPNQFUJUPST$VTUPNFST
DPOUJOVFEUPSBOLVTUIFCFTUJOUIFNBSLFU
GPSHSFBURVBMJUZGPPE8FSFDFJWFE
OVNFSPVTBXBSETEVSJOHUIFZFBS
JODMVEJOH4VQFSNBSLFUPGUIF:FBSBUUIF
*OUFSOBUJPOBM8JOF$IBMMFOHFGPSUIFUIJSE
ZFBSSVOOJOHBOE4VQSFNF$IFFTF
3FUBJMFSBUUIFQSFTUJHJPVT/BOUXJDI
*OUFSOBUJPOBM$IFFTF"XBSET
0VSQSPEVDUEFWFMPQNFOUUFBNTBSF
DPOTUBOUMZMPPLJOHUPFOIBODFBMMBTQFDUT
PGRVBMJUZBDSPTTPVSSBOHFTGSPN
JNQSPWJOHflBWPVSTUPFYUFOEJOHTIFMGMJGF
0VSFYBDUJOHTUBOEBSETFYUFOESJHIU
BDSPTTPVSSBOHFTGSPNUIFFWFSZEBZUPUIF
FYPUJDGSPNPVSTVQFSTPGUXIJUFCSFBE
XIJDIJTEFWFMPQFEXJUIPVUQSFTFSWBUJWFT
UPPVSFYDMVTJWFUP.4A-VTB
TUSBXCFSSJFT5IJTZFBSGPSUIFfiSTUUJNF
PVSA-VTBWBSJFUZIBTCFFOBWBJMBCMFJOBMM
PVSTUPSFTGPSUIFFBSMZTQSJOHUJNF
TUSBXCFSSZTFBTPO6OMJLFNBOZPUIFSIJHI
TUSFFUWBSJFUJFTBWBJMBCMFBUUIJTUJNFPGZFBS
UIF-VTBTUSBXCFSSZJTTXFFUKVJDZBOEGVMM
PGflaWPVS
bCO
  QUT
È
4PMPEJOJOH0VSJOOPWBUJWF*OB1PUNFBMTBSFUIF
QFSGFDUTJ[FQPSUJPOGPSPOFQFSTPO5IFDPOUBJOFSTBSF
USBOTQBSFOUTPTIPQQFSTDBODMFBSMZTFFUIFMBZFSTPG
EFMJDJPVTGSFTIJOHSFEJFOUT
4VQFS4XFFUJOJUPNBUP
*ODPOKVODUJPOXJUIPVSMPOHUFSN
QBSUOFS#FSOBSE4QBSLFTBU.FMSPX
4BMBETXFIBWFQVUJOQMBDFBOFX
HSPXJOHSFHJNFUPIFMQBDIJFWFUIF
QFSGFDUCBMBODFPGTXFFUOFTTBOE
BDJEJUZQSPEVDJOHBHSFBUUBTUJOHGVMM
flaWPVSFEUPNBUP
'PPETBMFT 7BMVF
NBSLFUTIBSF
.B SL TBO E4 Q F OD FS( SP VQQ MD"OOVBMSFQPS UBOEfiOBODJBMTUBUFNFOUT

0QFSBUJOHSFWJFX
'PPE