Full Year 2019 Marks and Spencer Group PLC Fixed Income Investor Earnings Call Transcript
Good day, and welcome to the M&S Fixed Income Call for 2018-2019. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Humphrey Singer. Please go ahead, sir.
Good afternoon, and welcome to the fixed income call. As I've just been introduced, I'm Humphrey Singer, the Group CFO, and I'm here today with our Group Treasurer, Jo Hawkes.
I will quickly recap on the update we gave investors this morning before moving on to Q&A.
So on a reported basis, group sales were slightly down at GBP 10.4 billion. Adjusted profit before tax was in line with market expectation, down around 10%. Gross profit was down in both Clothing & Home and Food, although this was partly offset by the reduction in operating costs. Statutory profit before tax was up, primarily due to lower charges associated with our transformation plan this year, although these charges do remain significant. We generated GBP 729 million in
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