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It is now market competitive and penetration has almost doubled to 34%. Clothing & Home online capability was behind competitors and at only c.18% of sales.Now this has halved to less than 15% and c.18% respectively. We had high levels of discounting at c.30% of Food and c.35% of Clothing & Home sales, eroding customer trust.The option count in Clothing & Home had proliferated leading to low rate of sale but has now been reduced by c.20% since 2018/19, with popular lines bought in greater depth.Now on almost all customer metrics we see renewed interest and approval. Our brand perception was weakening and too many customers thought M&S was no longer relevant.The Food business has gone from amongst the lowest performing UK food businesses on LFL sales to the top performing over 12 months.Now on the eve of a long-planned leadership succession, our results demonstrate the extent of change delivered and the areas where there is more to do:
RAPIDCLICK TARGETING PLUS
Refer to adjusting items table below for further details.ġ The Food ex hospitality and franchise sales APM is based on total revenue rather than like-for-like revenue, as was presented at the 20/21 year-end results, and 21/22 half-year results.Ģ All references to sales, a new APM, throughout this document are statutory revenue plus the gross value of consignment sales excluding VAT.ĬOMPLETION OF THE FIRST PHASE OF TRANSFORMATION – FIXING THE BASICS.įour years ago, we set out in a presentation entitled ‘Facing the Facts’ the unvarnished truths about the state of M&S and the reasons why far-reaching change was needed to arrest decline. Adjusted results are consistent with how business performance is measured internally and presented to aid comparability. There are a number of non-GAAP measures and alternative profit measures (APMs), discussed within this announcement and a glossary and reconciliation to statutory measures is provided at the end of this report. The changes we have delivered are down to the commitment and hard work of colleagues across the business, and I am delighted to hand the baton on to Stuart, Katie and Eoin to lead the next phase.” It has been my privilege to be the steward and shopkeeper of this fantastic business and extraordinary brand at such an important stage in its history. While there is much more to do, the business has moved beyond proving its relevance and has the opportunity for substantial future growth. For me, what is important about these results is not just the restoration of profit and strong cash flow it is that they demonstrate that M&S has fundamentally changed. Steve Rowe, CEO: "When I took over the reins at M&S six years ago, I committed to tackling the underlying issues that had eroded the strength of the business and building the foundations for future growth. Increased store rotation pipeline in both Food and C&H new format stores performing well.International online retail sales over £250m vs £100m in 2019/20.Sparks has grown to 15m members, fuelling data and personalisation drive.Online C&H sales now 34% of UK C&H sales and nascent brands platform established.Reshaped C&H range and value commitment delivering full-price sales growth of 28.5%.Ocado Retail basket size normalised as anticipated, transitioning to rapid capacity growth.M&S Food outperformance supported by record quality and improved value perception.Strong cash flow, reducing net debt excluding lease liabilities by £1.0bn to £420m.īusiness well positioned for inflationary headwinds and the next phase of transformation.Online growth of 55.6%, stores down 11.2%. M&S share of Ocado Retail net profit £13.9m including £7.2m net exceptional costs.Food growth of 10.1%, ex hospitality and franchise sales 1 up 14.7%.To aid understanding, throughout this document we are showing the 52 weeks to 28 March 2020 as the comparative period, unless stated otherwise. The impact of Covid in 2020/21 renders comparisons to the prior year less meaningful. “STRONG PERFORMANCE DELIVERED BY A MORE RESILIENT M&S” RPTS - Rapid Precision Targeting System Aug. MHRA 'RPTS - Rapid Precision Targeting System', All Acronyms, 21 August 2022, Bluebook All Acronyms, RPTS - Rapid Precision Targeting System (Aug. "RPTS - Rapid Precision Targeting System". RPTS - Rapid Precision Targeting System, All Acronyms, viewed August 21, 2022, MLA All Acronyms. Retrieved August 21, 2022, from Chicago All Acronyms. Please use the following to spread the word:ĪPA All Acronyms.