Funding
The Group’s May 2012 bond matured in FY13 and was refinanced from existing facilities and operating cash.
As of May 2013 M&S expects the market to remain challenging for the foreseeable future. The Group also expects consumer spending to remain cautious and carefully planned. However, the Group remains fully committed to the delivery of its plan (see Strategy); ensuring that as M&S evolves, it remains in touch with customers so that it can anticipate and respond to their changing needs. The transformation of M&S into a “leading multi-channel retailer” will be supported by “the creation of stronger, more agile infrastructure – building a robust platform for our long-term growth.”
The Group’s guidance for FY14, reaffirmed in May 2013, is as follows: