M&S reports strong sales and profit uplifts as it confirms full exit from Russia
Marks & Spencer has seen its full year adjusted pre-tax profit rise to £522.9 million from £403.1 million two years ago after it reaped the benefits of its transformation programme.
Statutory profit after tax for the year to 2 April grew to £309 million from £27.4 million prior to the pandemic.
Meanwhile, revenue increased by 6.9% to £10.8 billion after food sales grew by 10.1%. Clothing and home sales were also up, rising by 3.8% with the uplift driven by online sales.
M&S said the food sales growth was underpinned by record quality and improved value perception. The clothing category benefited from good growth in core categories and a reduction of stock into sale.
Steve Rowe, the retailer’s outgoing chief executive, said: “When I took over the reins at M&S six years ago, I committed to tackling the underlying issues that had eroded the strength of the business and building the foundations for future growth. For me, what is important about these results is not just the restoration of profit and strong cash flow; it is that they demonstrate that M&S has fundamentally changed.”
In its full year results statement, the retailer also confirmed that it will be fully exiting the Russian market due to the country’s invasion of Ukraine.
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