Marks and Spencer 2011 Annual Report Download - page 75

Download and view the complete annual report

Please find page 75 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

8FIBWFBVEJUFEUIFfinBODJBMTUBUFNFOUTPG.BSLTBOE4QFODFS
(SPVQQMDGPSUIFZFBSFOEFE"QSJMXIJDIDPNQSJTF
UIF$POTPMJEBUFE*ODPNF4UBUFNFOUUIF$POTPMJEBUFE4UBUFNFOU
PG$PNQSFIFOTJWF*ODPNFUIF$POTPMJEBUFEBOE$PNQBOZ
4UBUFNFOUPG'JOBODJBM1PTJUJPOUIF$POTPMJEBUFE4UBUFNFOUPG
$IBOHFTJO&RVJUZBOE$PNQBOZ4UBUFNFOUPG$IBOHFTJO
4IBSFIPMEFST&RVJUZUIF$POTPMJEBUFEBOE$PNQBOZ4UBUFNFOU
PG$BTI'MPXTBOEUIFSFMBUFEOPUFT5IFfinBODJBMSFQPSUJOH
GSBNFXPSLUIBUIBTCFFOBQQMJFEJOUIFJSQSFQBSBUJPOJTBQQMJDBCMF
MBXBOE*OUFSOBUJPOBM'JOBODJBM3FQPSUJOH4UBOEBSET*'34TBT
BEPQUFECZUIF&VSPQFBO6OJPOBOEBTSFHBSETUIFQBSFOU
DPNQBOZfinBODJBMTUBUFNFOUTBTBQQMJFEJOBDDPSEBODFXJUIUIF
QSPWJTJPOTPGUIF$PNQBOJFT"DU
3FTQFDUJWFSFTQPOTJCJMJUJFTPGEJSFDUPSTBOEBVEJUPST
"TFYQMBJOFENPSFGVMMZJOUIF%JSFDUPST3FTQPOTJCJMJUJFT
4UBUFNFOUTFUPVUPOQBHFUIFEJSFDUPSTBSFSFTQPOTJCMFGPS
UIFQSFQBSBUJPOPGUIFfinBODJBMTUBUFNFOUTBOEGPSCFJOHTBUJTFE
UIBUUIFZHJWFBUSVFBOEGBJSWJFX0VSSFTQPOTJCJMJUZJTUPBVEJUBOE
FYQSFTTBOPQJOJPOPOUIFfinBODJBMTUBUFNFOUTJOBDDPSEBODFXJUI
BQQMJDBCMFMBXBOE*OUFSOBUJPOBM4UBOEBSETPO"VEJUJOH6,BOE
*SFMBOE5IPTFTUBOEBSETSFRVJSFVTUPDPNQMZXJUIUIF"VEJUJOH
1SBDUJDFT#PBSET&UIJDBM4UBOEBSETGPS"VEJUPST
5IJTSFQPSUJODMVEJOHUIFPQJOJPOTIBTCFFOQSFQBSFEGPSBOE
POMZGPSUIF$PNQBOZTNFNCFSTBTBCPEZJOBDDPSEBODFXJUI
$IBQUFSPG1BSUPGUIF$PNQBOJFT"DUBOEGPSOPPUIFS
QVSQPTF8FEPOPUJOHJWJOHUIFTFPQJOJPOTBDDFQUPSBTTVNF
SFTQPOTJCJMJUZGPSBOZPUIFSQVSQPTFPSUPBOZPUIFSQFSTPOUP
XIPNUIJTSFQPSUJTTIPXOPSJOUPXIPTFIBOETJUNBZDPNFTBWF
XIFSFFYQSFTTMZBHSFFECZPVSQSJPSDPOTFOUJOXSJUJOH
4DPQFPGUIFBVEJUPGUIFOBODJBMTUBUFNFOUT
"OBVEJUJOWPMWFTPCUBJOJOHFWJEFODFBCPVUUIFBNPVOUTBOE
EJTDMPTVSFTJOUIFfinBODJBMTUBUFNFOUTTVGDJFOUUPHJWF
SFBTPOBCMFBTTVSBODFUIBUUIFfinBODJBMTUBUFNFOUTBSFGSFF
GSPNNBUFSJBMNJTTUBUFNFOUXIFUIFSDBVTFECZGSBVEPSFSSPS
5IJTJODMVEFTBOBTTFTTNFOUPGXIFUIFSUIFBDDPVOUJOHQPMJDJFT
BSFBQQSPQSJBUFUPUIF(SPVQTBOEUIFQBSFOUDPNQBOZT
DJSDVNTUBODFTBOEIBWFCFFODPOTJTUFOUMZBQQMJFEBOE
BEFRVBUFMZEJTDMPTFEUIFSFBTPOBCMFOFTTPGTJHOJficBOU
BDDPVOUJOHFTUJNBUFTNBEFCZUIFEJSFDUPSTBOEUIFPWFSBMM
QSFTFOUBUJPOPGUIFfinBODJBMTUBUFNFOUT*OBEEJUJPOXFSFBEBMM
UIFfinBODJBMBOEOPOfinBODJBMJOGPSNBUJPOJOUIF"OOVBMSFQPSU
BOEfinBODJBMTUBUFNFOUTUPJEFOUJGZNBUFSJBMJODPOTJTUFODJFT
XJUIUIFBVEJUFEfinBODJBMTUBUFNFOUT*GXFCFDPNFBXBSFPGBOZ
BQQBSFOUNBUFSJBMNJTTUBUFNFOUTPSJODPOTJTUFODJFTXFDPOTJEFS
UIFJNQMJDBUJPOTGPSPVSSFQPSU
0QJOJPOPOOBODJBMTUBUFNFOUT
*OPVSPQJOJPOUIFfinBODJBMTUBUFNFOUT
o HJWFBUSVFBOEGBJSWJFXPGUIFTUBUFPGUIF(SPVQTBOEPGUIF
QBSFOUDPNQBOZTBGGBJSTBTBU"QSJMBOEPGUIF(SPVQT
QSPUBOE(SPVQTBOEQBSFOUDPNQBOZTDBTIfloXTGPSUIFZFBS
UIFOFOEFE
o IBWFCFFOQSPQFSMZQSFQBSFEJOBDDPSEBODFXJUI*'34TBT
BEPQUFECZUIF&VSPQFBO6OJPO
o IBWFCFFOQSFQBSFEJOBDDPSEBODFXJUIUIFSFRVJSFNFOUTPGUIF
$PNQBOJFT"DUBOEBTSFHBSETUIF(SPVQfinBODJBM
TUBUFNFOUT"SUJDMFPGUIFM"43FHVMBUJPO
0QJOJPOPOPUIFSNBUUFSTQSFTDSJCFECZUIF
$PNQBOJFT"DU
*OPVSPQJOJPO
o UIFQBSUPGUIF3FNVOFSBUJPOSFQPSUUPCFBVEJUFEIBTCFFO
QSPQFSMZQSFQBSFEJOBDDPSEBODFXJUIUIF$PNQBOJFT"DU
o UIFJOGPSNBUJPOHJWFOJOUIF%JSFDUPSTSFQPSUGPSUIFfinBODJBMZFBS
GPSXIJDIUIFfinBODJBMTUBUFNFOUTBSFQSFQBSFEJTDPOTJTUFOU
XJUIUIFfinBODJBMTUBUFNFOUT
o .BUUFSTPOXIJDIXFBSFSFRVJSFEUPSFQPSUCZFYDFQUJPO
8FIBWFOPUIJOHUPSFQPSUJOSFTQFDUPGUIFGPMMPXJOH
6OEFSUIF$PNQBOJFT"DUXFBSFSFRVJSFEUPSFQPSUUPZPVJG
JOPVSPQJOJPO
o BEFRVBUFBDDPVOUJOHSFDPSETIBWFOPUCFFOLFQUCZUIFQBSFOU
DPNQBOZPSSFUVSOTBEFRVBUFGPSPVSBVEJUIBWFOPUCFFO
SFDFJWFEGSPNCSBODIFTOPUWJTJUFECZVTPS
o UIFQBSFOUDPNQBOZfinBODJBMTUBUFNFOUTBOEUIFQBSUPGUIF
3FNVOFSBUJPOSFQPSUUPCFBVEJUFEBSFOPUJOBHSFFNFOUXJUI
UIFBDDPVOUJOHSFDPSETBOESFUVSOTPS
o DFSUBJOEJTDMPTVSFTPGEJSFDUPSTSFNVOFSBUJPOTQFDJFECZMBX
BSFOPUNBEFPS
o XFIBWFOPUSFDFJWFEBMMUIFJOGPSNBUJPOBOEFYQMBOBUJPOTXF
SFRVJSFGPSPVSBVEJUPS
6OEFSUIF-JTUJOH3VMFTXFBSFSFRVJSFEUPSFWJFX
o UIFEJSFDUPSTTUBUFNFOUTFUPVUPOQBHFJOSFMBUJPOUPHPJOH
DPODFSO
o UIFQBSUTPGUIF$PSQPSBUFHPWFSOBODFTUBUFNFOUSFMBUJOHUPUIF
$PNQBOZTDPNQMJBODFXJUIUIFOJOFQSPWJTJPOTPGUIF+VOF
$PNCJOFE$PEFTQFDJFEGPSPVSSFWJFXBOE
o DFSUBJOFMFNFOUTPGUIFSFQPSUUPTIBSFIPMEFSTCZUIF#PBSEPO
EJSFDUPSTSFNVOFSBUJPO
4UVBSU8BUTPO4FOJPS4UBUVUPSZ"VEJUPS
GPSBOEPOCFIBMGPG1SJDFXBUFSIPVTF$PPQFST--1
$IBSUFSFE"DDPVOUBOUTBOE4UBUVUPSZ"VEJUPST
-POEPO
.BZ
4USBUFHZ 1FSGPSNBODF.BSLFUQMBDF 0QFSBUJOHSFWJFX 'JOBODJBMSFWJFX
'JOBODJBMTUBUFNFOUT
PUIFSJOGPSNBUJPO(PWFSOBODF0WFSWJFX
5POEPVUNPSFWJTJUNBSLTBOETQFODFSDPNBOOVBMSFQPSU%JSFDUPSTSFQPSU

*OEFQFOEFOU
BVEJUPSTSFQPSU
UPUIFNFNCFSTPG.BSLTBOE4QFODFS(SPVQQMD