Cash GenerationM&S converts reported earnings into cash at a strong rate, with operating cash far exceeding net income and FCF well above net profits. Durable cash conversion supports reinvestment in stores, technology and supply chain, funds debt servicing and cushions cyclical retail volatility.
Food Business ResilienceConsistent volume growth in Food shows durable demand and repeat purchase behavior, providing stable, higher-frequency revenues. Strong food performance supports margins and cash flow, underpins multi-channel distribution and funds strategic investments like new distribution capacity.
Balanced Leverage And ReturnsA moderate debt profile combined with mid-teens operational returns indicates financial flexibility. The capital structure allows continued investment in store renewals and technology without excessive leverage, supporting long-term execution of transformation while keeping refinancing risk contained.