Marks & Spencer

Ticker MKS

Today's data summary

Market closed
% change
+1.32%
Price Pence
246.30
Change
+3.20
As of 16:59 26 May 2019
Market cap. Pound sterling
4,002.43 million
As of 16:59 26 May 2019

Latest updates

No bonuses at M&S

M&S
Getty Images

Marks & Spencer has also just published its annual report.

It shows that there were no annual bonuses for is boardroom executives, including chief executive Steve Rowe. They did not get annual bonuses last year, according to the annual report.

Mr Rowe's total package still rose to £1.7m from £1.1m because a long-term incentive deal paid out.

The pre-tax profit was £523.2m and the annual report says this is "below the threshold set to trigger payments under either the corporate element or the individual element of the [bonus] scheme. Therefore, no bonuses under the 2018/19 annual bonus scheme will be paid to anyone in the organisation, including executive directors."

The retailer also published the ratio of its chief executive to the full-time equivalent total pay of those colleagues whose pay is ranked at the 25th percentile. medium and 75th percentile in the UK workforce. This showed a ratio of 92 to 1, 88 to 1 and 79 to 1 respectively.

M&S 'constrained by pace of change'

M&S store
Getty Images

Marks & Spencer chief executive Steve Rowe said the business was "constrained" by the pace of change in the year ended 30 March, as the retailer reported like-for-like sales falling in clothing and food.

"Whilst there are green shoots, we have not been consistent in our delivery in a number of areas of the business," Mr Rowe said.

"M&S is changing faster than at any time in my career - substantial changes across the business to our processes, ranges and operations and this has constrained this year's performance, particularly in Clothing & Home.

"However, we remain on track with our transformation and are now well on the road to making M&S special again."

Profit before tax and adjusting items was £523m, down from £581m the previous year.

The BBC visits at an M&S store that is closing and another that is seen as the future.
The BBC visits an M&S store that is closing and another that is seen as the future.

Percy Pig goes vegetarian

front page of sun
BBC

The Sun reports there has been a outcry from some shoppers after Marks & Spencer removed gelatine from its popular Percy Pig sweets.

The move makes the products suitable for vegetarians - but some fans complain the taste has changed, says the paper. M&S says it has responded to customer demand and the flavour is the same.

The rest of the newspapers can be found here.

'Only so much people can eat'

BBC Radio 5 Live

M&S logo
Getty Images

Marks and Spencer has said it wants to target the weekly family shop by having more stores that offer its full range of food.

Russ Mould , investment director at AJ Bell, told Wake Up To Money that M&S appeals to a "certain purse-size" and "people can only eat so much".

There is also a perception that is does not offer a full range of products as only around 12 of its stores offer all 6,500 of its food products.

The chain recently did a deal with Ocado, which will offer the full M&S product line for home delivery.

Some customers - his wife included - were concerned that they might not get the full range of products, Mr Mould said.