... average the index will be rebased to a value of 100 at the start of the period. This allows a simple comparison to see how the share price has done over the period. A similar thing will be done when comparing Marks and Spencer to selected competitors namely Next and Sainsbury's. Findings The share price and return index of Marks and Spencer has done remarkably well between October 2000 and November 2001. This may come as a surprise to some people as between 2000 and 2001 operating profit excluding tax fell by an unprecedented 224% to £145.5 million. This would have been partly due to the fact that overall turnover fell despite a rise in turnover of 8% in international sales. During the same period earnings per share fell from 9.6p to (0.2)p however the dividend per share of 9.0p remained the same, which was important as this gives a clear ...

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