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Britain's M&S aims to be fully net zero on emissions by 2040

09/29/2021 | 07:19pm EDT
FILE PHOTO: Logo at a Marks and Spencer food store in Paris

LONDON (Reuters) - Marks & Spencer pledged on Thursday to become net zero in carbon emissions across its own operations, its entire supply chain and its products by 2040, ten years ahead of a government target for Britain.

Britons have become increasingly aware of the urgency of addressing climate change, spurred on by campaigners including veteran naturalist and broadcaster David Attenborough and Swedish teen activist Greta Thunberg.

Retailers have responded by cutting waste and their use of plastic, although some environmental groups have criticised these efforts as "greenwashing".

The M&S target is more ambitious than one set out by Tesco, Britain's biggest retailer, last week.

M&S, which sells food, clothing and homeware, launched a sustainability programme in 2007 and in 2012 became the first major carbon neutral retailer for its direct emissions.

It wants to cut its total carbon footprint by a third by 2025 and has committed to zero deforestation in sourcing palm oil and soy by 2025, using more sustainable fibres by 2025 and supporting suppliers to advance lower carbon farming methods.

"This won't be easy. We need to transform how we make, move and sell our products to customers and fundamentally change the future shape of our business," M&S CEO Steve Rowe said.

To get customers on board, the retailer will now reward the 12.5 million members of its "Sparks" loyalty scheme with treats if they donate unwanted clothes to British-based charity Oxfam.

In May, Britain reaffirmed its commitment to achieve net zero greenhouse gas emissions by 2050, a pledge it hopes will spur on other nations before November's COP26 climate summit.

Last month, M&S upgraded its profit outlook after a jump in demand for food in its home market and an online clothes sales surge indicated a turnaround plan was working.

(Reporting by James Davey; Editing by Alexander Smith)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CRUDE PALM OIL 0.00% 1416 End-of-day quote.28.95%
LONDON BRENT OIL 0.10% 111.67 Delayed Quote.44.70%
LUMBER 0.00% 690.5 End-of-day quote.-35.58%
MARKS AND SPENCER GROUP PLC -3.03% 132.85 Delayed Quote.-42.26%
TABCORP HOLDINGS LIMITED 1.13% 5.35 Delayed Quote.5.78%
WTI 0.07% 109.326 Delayed Quote.50.98%
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Sales 2023 62 631 M 78 303 M 78 303 M
Net income 2023 1 523 M 1 905 M 1 905 M
Net Debt 2023 10 697 M 13 374 M 13 374 M
P/E ratio 2023 12,1x
Yield 2023 4,21%
Capitalization 19 272 M 24 094 M 24 094 M
EV / Sales 2023 0,48x
EV / Sales 2024 0,46x
Nbr of Employees 345 000
Free-Float 98,0%
Duration : Period :
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 255,10 GBX
Average target price 313,43 GBX
Spread / Average Target 22,9%
EPS Revisions
Managers and Directors
Ken Murphy Group Chief Executive Officer & Director
Imran Nawaz Chief Financial Officer & Director
John Murray Allan Non-Executive Chairman
Guus Dekkers Chief Technology Officer
Byron Elmer Grote Senior Independent Non-Executive Director
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