Strong brand in the highly competitive and fragmented domestic U.K. market with solid market share in its niche segments and robust multichannel platform. Entrenched and expanding presence in the growing convenience segment of the U.K. food retail market. Our forecast of stable profitability with S&P Global Ratings-adjusted EBITDA margin of 13%-14% over the forecast period until fiscal year (FY) 2020 that compares favorably with other grocery retailers and department store operators. Exposed to weak operating trends in the U.K. retail sector, which we believe to be a result of both cyclical headwinds exacerbated by Brexit and a secular change in consumer spending habits. In its clothing and home segment, Marks&Spencer PLC (M&S) also faces fashion and weather risks.
