Marks and Spencer 2011 Annual Report Download - page 74
Download and view the complete annual report
Please find page 74 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."VEJUPST
3FTPMVUJPOTUPSFBQQPJOU1SJDFXBUFSIPVTF$PPQFST--1BT
BVEJUPSTPGUIF$PNQBOZBOEUPBVUIPSJTFUIF"VEJU$PNNJUUFFUP
EFUFSNJOFUIFJSSFNVOFSBUJPOXJMMCFQSPQPTFEBUUIF"(.
"OOVBMHFOFSBMNFFUJOH
5IF"(.PG.BSLTBOE4QFODFS(SPVQQMDXJMMCFIFMEBUUIF
3PZBM'FTUJWBM)BMM4PVUICBOL$FOUSF-POEPOPO+VMZ
5IF/PUJDFJTHJWFOUPHFUIFSXJUIFYQMBOBUPSZOPUFTJOUIF
CPPLMFUXIJDIBDDPNQBOJFTUIJTSFQPSU
%JSFDUPSTSFTQPOTJCJMJUJFT
5IFEJSFDUPSTBSFSFTQPOTJCMFGPSQSFQBSJOHUIF"OOVBM3FQPSUUIF
3FNVOFSBUJPOSFQPSUBOEUIFfinBODJBMTUBUFNFOUTJOBDDPSEBODF
XJUIBQQMJDBCMFMBXBOESFHVMBUJPOT$PNQBOZMBXSFRVJSFTUIF
EJSFDUPSTUPQSFQBSFfinBODJBMTUBUFNFOUTGPSFBDIfinBODJBMZFBS
6OEFSUIBUMBXUIFEJSFDUPSTIBWFQSFQBSFEUIF(SPVQBOE
$PNQBOZfinBODJBMTUBUFNFOUTJOBDDPSEBODFXJUI*OUFSOBUJPOBM
'JOBODJBM3FQPSUJOH4UBOEBSET*'34TBTBEPQUFECZUIF&6
6OEFSDPNQBOZMBXUIFEJSFDUPSTNVTUOPUBQQSPWFUIFfinBODJBM
TUBUFNFOUTVOMFTTUIFZBSFTBUJTfiFEUIBUUIFZHJWFBUSVFBOEGBJS
WJFXPGUIFTUBUFPGBGGBJSTPGUIF(SPVQBOEUIF$PNQBOZBOEPG
UIFQSPfiUPSMPTTPGUIF$PNQBOZBOE(SPVQGPSUIBUQFSJPE*O
QSFQBSJOHUIFTFfinBODJBMTUBUFNFOUTUIFEJSFDUPSTBSFSFRVJSFEUP
o TFMFDUTVJUBCMFBDDPVOUJOHQPMJDJFTBOEUIFOBQQMZUIFN
DPOTJTUFOUMZ
o NBLFKVEHFNFOUTBOEBDDPVOUJOHFTUJNBUFTUIBUBSF
SFBTPOBCMFBOEQSVEFOU
o TUBUFXIFUIFSBQQMJDBCMF*'34TBTBEPQUFECZUIF&6IBWFCFFO
GPMMPXFETVCKFDUUPBOZNBUFSJBMEFQBSUVSFTEJTDMPTFEBOE
FYQMBJOFEJOUIFfinBODJBMTUBUFNFOUTBOE
o QSFQBSFUIFfinBODJBMTUBUFNFOUTPOUIFHPJOHDPODFSOCBTJT
VOMFTTJUJTJOBQQSPQSJBUFUPQSFTVNFUIBUUIF$PNQBOZXJMM
DPOUJOVFJOCVTJOFTT
5IFEJSFDUPSTBSFSFTQPOTJCMFGPSLFFQJOHQSPQFSBDDPVOUJOH
SFDPSETUIBUBSFTVGficJFOUUPTIPXBOEFYQMBJOUIF$PNQBOZT
USBOTBDUJPOTBOEEJTDMPTFXJUISFBTPOBCMFBDDVSBDZBUBOZUJNF
UIFfinBODJBMQPTJUJPOPGUIF$PNQBOZBOEUIF(SPVQBOEUP
FOBCMFUIFNUPFOTVSFUIBUUIFfinBODJBMTUBUFNFOUTBOEUIF
3FNVOFSBUJPOSFQPSUDPNQMZXJUIUIF$PNQBOJFT"DUBOE
BTSFHBSETUIF(SPVQfinBODJBMTUBUFNFOUT"SUJDMFPGUIF*"4
3FHVMBUJPO5IFZBSFBMTPSFTQPOTJCMFGPSTBGFHVBSEJOHUIFBTTFUT
PGUIF$PNQBOZBOEUIF(SPVQBOEIFODFGPSUBLJOHSFBTPOBCMF
TUFQTGPSUIFQSFWFOUJPOBOEEFUFDUJPOPGGSBVEBOEPUIFS
JSSFHVMBSJUJFT
5IFEJSFDUPSTBSFSFTQPOTJCMFGPSUIFNBJOUFOBODFBOEJOUFHSJUZPG
UIF$PNQBOZTXFCTJUF-FHJTMBUJPOJOUIF6,HPWFSOJOHUIF
QSFQBSBUJPOBOEEJTTFNJOBUJPOPGfinBODJBMTUBUFNFOUTNBZEJGGFS
GSPNMFHJTMBUJPOJOPUIFSKVSJTEJDUJPOT&BDIPGUIFEJSFDUPSTDPOfiSN
UIBUUPUIFCFTUPGUIFJSLOPXMFEHF
o UIF(SPVQfinBODJBMTUBUFNFOUTXIJDIIBWFCFFOQSFQBSFEJO
BDDPSEBODFXJUI*'34TBTBEPQUFECZUIF&6HJWFBUSVFBOE
GBJSWJFXPGUIFBTTFUTMJBCJMJUJFTfinBODJBMQPTJUJPOBOEQSPfiUPG
UIF(SPVQBOE
o UIF#VTJOFTTSFWJFXDPOUBJOFEJOUIJTSFQPSUJODMVEFTBGBJS
SFWJFXPGUIFEFWFMPQNFOUBOEQFSGPSNBODFPGUIFCVTJOFTT
BOEUIFQPTJUJPOPGUIF(SPVQUPHFUIFSXJUIBEFTDSJQUJPOPGUIF
QSJODJQBMSJTLTBOEVODFSUBJOUJFTUIBUJUGBDFT
%JTDMPTVSFPGJOGPSNBUJPOUPBVEJUPS
&BDIEJSFDUPSDPOfiSNTUIBUTPGBSBTIFTIFJTBXBSFUIFSFJTOP
SFMFWBOUBVEJUJOGPSNBUJPOPGXIJDIUIF$PNQBOZTBVEJUPSTBSF
VOBXBSFBOEUIBUFBDIEJSFDUPSIBTUBLFOBMMUIFTUFQTUIBUIF
TIFPVHIUUPIBWFUBLFOBTBEJSFDUPSUPNBLFIJNTFMGIFSTFMG
BXBSFPGBOZSFMFWBOUBVEJUJOGPSNBUJPOBOEUPFTUBCMJTIUIBUUIF
$PNQBOZTBVEJUPSTBSFBXBSFPGUIBUJOGPSNBUJPO
*OEFYUPQSJODJQBM%JSFDUPSTSFQPSUEJTDMPTVSFT
*OGPSNBUJPOSFRVJSFEUPCFEJTDMPTFEJOUIF%JSFDUPSTSFQPSUDBO
CFGPVOEPOUIFGPMMPXJOHQBHFT
*OGPSNBUJPO
1BHF
OVNCFST
"OOVBMHFOFSBMNFFUJOH
"QQPJOUNFOUBOESFUJSFNFOUPGEJSFDUPST
"VEJUPST
#PBSEPGEJSFDUPST
$IBSJUBCMFEPOBUJPOT
$SFEJUPSQBZNFOUQPMJDZ
%FBEMJOFTGPSFYFSDJTJOHWPUJOHSJHIUT
%JSFDUPSTDPOflJDUTPGJOUFSFTU
%JSFDUPSTJOEFNOJUJFT
%JSFDUPSTSFTQPOTJCJMJUJFT
%JTDMPTVSFPGJOGPSNBUJPOUPBVEJUPS
&NQMPZFFJOWPMWFNFOU
&NQMPZFFTXJUIEJTBCJMJUJFT
&RVBMPQQPSUVOJUJFT
&TTFOUJBMDPOUSBDUTPSBSSBOHFNFOUT
(PJOHDPODFSO
(SPDFSJFT4VQQMZ$PEFPG1SBDUJDF
*OUFSFTUTJOWPUJOHSJHIUT
.BSLFUWBMVFPGQSPQFSUJFT
1PMJUJDBMEPOBUJPOT
1PXFSTGPSUIF$PNQBOZJTTVJOHPSCVZJOHCBDLJUT
PXOTIBSFT
1SJODJQBMBDUJWJUJFTBOE#VTJOFTTSFWJFX
1SPfiUBOEEJWJEFOET
3FTUSJDUJPOTPOUSBOTGFSPGTFDVSJUJFT
3JHIUTBOEPCMJHBUJPOTBUUBDIJOHUPTIBSFT
4IBSFDBQJUBM
4JHOJfiDBOUBHSFFNFOUToDIBOHFPGDPOUSPM
7BSJBUJPOPGSJHIUT
#ZPSEFSPGUIF#PBSE
"NBOEB.FMMPS(SPVQ4FDSFUBSZ
-POEPO
.BZ
3FHJTUFSFEJO&OHMBOEBOE8BMFT$PNQBOZ/P
.B SL TBO E4 Q F OD FS( SP VQQ MD"OOVBMSFQPS UBOEfiOBODJBMTUBUFNFOUT
(PWFSOBODF
0UIFS
EJTDMPTVSFT
DPOUJOVFE