Marks & Spencer boosted by momentum in growth strategy
Marks & Spencer has posted an increase in full year sales as its strategy to “reshape M&S for growth” bears fruit.
Sales in the 12 months to 1 April rose by 9.9% after clothing and home sales increased by 11.5% to £3.72 billion and food sales by 8.7% to £7.22 billion.
Meanwhile pre-tax profit before adjusting items came in at £482 million compared to £522.9 million in the previous year. On a statutory basis, pre-tax profit rose to £475.7 million from a prior £391.7 million.
Stuart Machin, Marks & Spencer chief executive, said: “One year in, our strategy to reshape M&S for growth has driven sustained trading momentum, with both businesses continuing to grow sales and market share. Our food and clothing & home businesses invested in value to protect customers from the full force of inflation which, whilst impacting margin, was the right thing to do, as serving our customers well is the only route to delivering for our shareholders.”
While the retailer’s clothing and home sales rose both in-store and online with respective increases of 14.9% and 4.8%, its food business delivered around 5% growth in core categories, which was well ahead of pre-Covid levels.
M&S said its store rotation and renewal programme produced strong sales uplifts and will accelerate this year with the opening of five full-line stores in major cities.
Machin added: “M&S is such a special business with so much potential, and I want to thank all of my colleagues for their contribution to these results. Delivering performance and driving change is everyone’s responsibility at M&S, and they have done a remarkable job. Despite facing significant headwinds, I am encouraged by the strong foundations established last year and excited about what we can achieve in the year ahead.”
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