Plain sailing for Marks & Spencer

Plain sailing for Marks & Spencer

STUART MACHIN: M&S ‘confident’ chief executive said Photo credit: M&S/Stuart Machin

Marks & Spencer is in its best financial shape since 1997, the company announced.

Total revenues for the financial year ending March 30 rose by more than £1 billion (€1.17 billion) to £13.04 billion (€15.3 billion).

Food sales rose by 13 per cent over the retailer’s last financial year, while clothing and homeware revenue increased by 5.3 per cent, with a 10 per cent market share, compared with 9.6 per cent in 2022.

“Both have now delivered 12 consecutive quarters of sales growth, and this gives us wind in our sails and confidence that our plan is working,” M&S chief executive Stuart Machin said.

Profits before tax and adjusting items reached £716.4 million (€840.97 million), 58 per cent above the predicted £684 million (€802.98 million) and shares at £30.02 (€35.24) reached their highest level since 2017.

Nevertheless, there was “disappointment” with Ocado, which sells M&S food online and was responsible for a £37.3 million (€43.79 million) loss in 2024 compared with £29.5 million (€34.63 million) in 2022.

Sales at M&S’s international stores also dipped by 1 per cent to £719 million (€844.36 million) and Machin revealed that the company now “resetting priorities” abroad.

Without taking lease liabilities into account, the company had net funds of £45.7 million (€53.65 million) by late March, compared with a net debt of £355.6 million (€414.46 million) 12 months previously.

Meanwhile, the company will open nine new food stores over the coming year, plus four clothing and home stores despite closing 12 outdated or badly-sited stores in  2023.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.

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