Marks & Spencer Group (MKS) AGM 2025 summary

Opening remarks and agenda

• AGM held at Waterside House, Paddington, with around 50-80 shareholders attending in person and others online.

• Introduction of the executive team, including new Finance Director Alison Dolan, and acknowledgment of the board's hard work.

• Anita Anand, BBC broadcaster, returned as moderator for the Q&A session.

• Meeting agenda included performance review, Q&A, and formal voting.

Financial performance review

• Profit before tax and adjusting items reached £875.5 million, up 22%.

• Free cash flow from operations grew to £443 million; net funds closed at over £400 million.

• Food sales increased by 8.7% with strong volume growth; over 1,400 new food lines launched.

• Fashion, home, and beauty sales rose 3.5%, with like-for-like growth of 4.4%.

• International sales declined 8.5%, mainly due to India and franchise markets, but improvements seen in the second half.

• Ocado Retail sales grew over 15%, with M&S products up 20%; focus remains on improving delivery efficiency and profitability.

Board and executive committee updates

• Alison Dolan succeeded Jeremy Townsend as Finance Director.

• John Lyttle appointed as Managing Director for Fashion, Home, and Beauty to drive supply chain and online growth.

• Board chairs for Remuneration, Risk and Audit, and ESG committees introduced.