Half Year 2020 Marks and Spencer Group PLC Fixed Income Investor Earnings Call Transcript
Good day, and welcome to the M&S Interim Fixed Income Call 2019-2020. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Humphrey Singer. Sir, please go ahead.
So good afternoon, and welcome to the fixed income call. I'm Humphrey Singer, 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 onto Q&A.
So in overview, first of all, remember, all the results are now reported under IFRS 16. On a reported basis, group sales were down 2% at GBP 4.9 billion, adjusted profit before tax at 17% down on last year was broadly in line with market expectation, which was pre-IFRS 16. We estimate that impact to have been a negative GBP 7 million on the results, and therefore, actually, results were slightly ahead of expectation.
The Food business is on track with positive like-for-like and with gross margin slightly down, reflecting
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