Marks & Spencer Group (MKS) CMD 2026 summary

Strategic direction and performance

• Strategy remains to protect product strengths while modernising operations, technology and supply chains; execution has shifted from reshaping to reinvesting for growth.

• Customer trust, own-label product and product quality remain central; cyber recovery is substantially complete, while H1 FH&B performance exposed availability and operating-model issues.

• Food sales grew from £6.8bn in FY22 to £9.1bn in FY25, with market share rising from 3.4% to 4.2%; FH&B share reached 10.6%, up 1.2 points since October 2022.

• £450m of the £600m structural savings target has been delivered, with a clear line of sight to the balance by FY28.

Growth ambitions and targets

• Group ambition is mid-to-high-single-digit sales growth, with profit growth ahead of sales; FY27–FY30 possible sales CAGR is 4–7% and EPS growth 6–11%.

• Food aims to double sales over time, continue market-share gains and achieve ~5% ongoing operating margin, updated from the earlier >4% target.

• FH&B medium-term objectives include low-to-mid-single-digit sales growth, >1% market-share growth, stable store sales and sustainable operating margin >10%.

• FH&B aims to double online sales, reach at least 50% online participation and make online margin at least comparable with stores; FY2025 online sales were £1.4bn.

• International growth remains capital-light, using priority regions, marketplaces and franchise partners to build a global brand.

Fashion, home and beauty transformation

• End-to-end changes target better availability, stock flow, product choice and conversion of sales into profit; H1 availability fell to an all-time low of 81%.

• Connected planning, digital product creation and lifecycle systems aim to shorten the 56-week process to an average 34 weeks; seasonal development is 13 weeks shorter and the fast lane targets 9 weeks.

• Sourcing consolidation has delivered £75m savings over three years; fabric consolidation, engineering and open costing indicate a further 3–5% product-cost opportunity.

• Store strategy targets 180 productive FH&B stores; Pantheon renewal delivered sales growth of 35% and 52% for M&S Women, with 26% more FH&B customers.

• Sephora is planned for 50 stores and online within 18 months, then 100 stores and online by summer 2028; online priorities include improved discovery, loyalty and AI-personalised journeys.