Marks & Spencer maintains its 2017 interim dividend

DividendMax Ltd.

Marks & Spencer maintains its 2017 interim dividend


Good progress against strategic priorities set out in May.

As expected, underlying profits down in the half due to lower Clothing & Home sales. Non-underlying items include significant charge relating to pension changes.

Proposal to focus International business on a franchise model, exiting our loss-making owned business across ten markets, at a non-underlying cost of £150m-£200m over the coming 12 month period, thereby eliminating annual losses of £45m.

Five-year plan to improve productivity of UK Store Estate by repositioning c.25% of Clothing & Home space with costs of c. £50m per annum for the first three years and continued rollout of our Simply Food stores. Total number of M&S stores will increase.

Interim dividend maintained.

Decision not to make an additional return of cash to shareholders in the second half given costs of strategic change and uncertain market conditions.

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