Leading market position in the U.K. apparel retail market and well-established, up-market niche position in the U.K. food retail market. Strong brand recognition. Successful operational turnaround. Conservative financial profile. Increasing competitiveness in the U.K. apparel and food retail markets, which could limit profitability improvement. Volatility of the U.K. apparel market. Slowing like-for-like sales in the apparel division. The ratings on U.K.-based retailer Marks&Spencer PLC (M&S) and related entities reflect its leading position in the U.K.'s intensely competitive apparel retail market, strong brand recognition, well-established, up-market niche position in the U.K. food retail market, solid operating performance, and a conservative financial profile. The ratings also reflect the volatility prevalent in the U.K. apparel retail market. With sales of about
