Annual Report 2014
  • A year of progress

    We have made significant progress in transforming M&S from a traditional British retailer into an international, multi-channel retailer.

  • General Merchandise

    The strategy we outlined in May 2013 was to refocus our GM business on the values that make us famous: quality and style. After a year of exciting changes, our customers are noticing the difference.

  • Food

    Our mission in Food is simple: to delight and excite our customers with high quality, good value products. The Food division has now seen 18 quarters of positive like-for-like sales growth.

  • M&

    This has been a landmark year for M&S as two world-class infrastructure projects went live: our new M& website and our 900,000 sq ft distribution centre at Castle Donington.

  • International

    Over the year, we grew sales in our International business, driven by strong growth in our priority markets of India, Russia, China, the Middle East and Western Europe.

Chairman's statement

“The retail industry is going through a profound period of change. Many of the actions we set out as part of our strategy three years ago, and have since implemented, put M&S in a stronger position to compete in this new world.”

Robert Swannell


Chief Executive's overview

“As we come to the end of our three-year transformation programme, much of our investment is starting to bear fruit and we have built a business that is more relevant for the future of retail.”

Marc Bolland

Chief Executive

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Financial highlights

Group revenue


+2.7% on LY

Underlying Group profit
before tax


-3.9% on LY

Group profit before tax


+6.1% on LY

Interim + final dividend

6.2p+10.8p =17.0p


Underlying Group
earnings per share



Group earnings per share



Focus on the UK

Through our 798 UK stores and our fast-growing e-commerce business, we sell high-quality, great value products to 34 million customers. Our UK business is split between Food (55% of our turnover) and General Merchandise (45%). We are market leader in Womenswear, Lingerie and Menswear.

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UK stores

General Merchandise revenue


→ level

Food revenue


↑ 4.2%

Number of UK stores


↑ 32 net new stores


After more than two years of development, we launched our new M& flagship in February. The website marks a significant milestone in our journey to become a truly multi-channel retailer. Our strategy allows customers to shop with us however they choose – whether online, in stores or by phone.

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M& sales


↑ 22.8%

Weekly site visits


↑ 7.8%

Shop Your Way stores


↑ 22 stores


M&S’s international reach continues to grow and we now operate in 54 territories across Europe, Asia and the Middle East. We are also expanding our international presence with the roll-out of country-specific websites.

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International revenue


↑ 6.2%

International stores


↑ 37 net new stores



↑ 3 new markets

Our people

Our people are at the heart of what makes M&S different. As we continue to transform the business, we have worked hard to ensure that we have the capabilities in place to drive the company forward. We have continued to make sure that our 86,000 employees throughout the business are confident, engaged and knowledgeable.

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Our people

Average number of employees


This figure represents the average total number of employees throughout the year and accounts for seasonal fluctuations
Employee engagement score


Training and development days


per customer assistant

Plan A

Since it launched in 2007, our Plan A ethical and environmental programme has become part of the fabric of the business. We constantly update Plan A, and the next phase, Plan A 2020, sets out a new set of 100 commitments and represents another step along our journey towards becoming a truly sustainable retailer.

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Plan A

Total Plan A 2020 commitments


Commitments achieved


Commitments on plan