M&S profit surges as it recovers from cyber incident
M&S has posted a surge in first half profit as it benefited from an acceleration in the pace of its transformation and a recovery from last year’s cyber incident.
In the six months to 26 September, adjusted pre-tax profit climbed to £403.2 million from £184.1 million a year earlier. Statutory pre-tax profit increased to £355.1 million from a previous £3.4 million.
Subscribe to TRBThe retailer also reported strong statutory revenue growth, up 15.4% to £9.17 billion.
Its food business delivered volume-led growth, with sales up 13.9%, as it continued to attract new customers with growth of 1.5 million over the past two years.
Fashion, home and beauty sales climbed 17.5% but remained below 2024/25, despite an increase in online sales. This was due to “availability disruption reflecting the long-tail impact of the incident” and lower store sales during this summer’s heatwave.
M&S chief executive Stuart Machin said: “We hit the ground running in the first half of the year, accelerating the pace of change and delivering market share growth in both businesses.
“Our hard work over the last few years to create a strong balance sheet has built a firm financial footing from which to invest and we are confident in the opportunities ahead.
“Despite the onslaught of cost headwinds, we have remained focused on our ambitions, and we are clear on our plan.”
M&S is expecting group adjusted pre-tax profit for its full year to be in line with current market expectations as it continues to execute its growth strategy.
Machin said: “We are ready to deliver an unforgettable Christmas for our customers, with the best food and fashion ranges we’ve ever had.
“Four years ago, we set out a very clear strategy to protect the magic of M&S while modernising the rest and we are making good progress.
“As we look forward to Christmas, we are laser-focused on delivering both our trading and transformation plans.”
