The 140-year old retailer, one of the biggest names in British business, also said on Wednesday it was confident of further progress in its new financial year. — Reuters picLONDON, May 22 — Marks & Spencer smashed forecasts with a 58 per cent rise in annual profit on Wednesday and announced its first yearly dividend since 2019, suggesting the British retailer may finally have found a recipe for revival after two decades of trying.
After years of failed turnaround efforts, M&S MKS.L under CEO Stuart Machin is reaping the rewards of a costly investment drive to improve the quality and value of its clothing and food, upgrade its technology and e-commerce operations, modernise its supply chain, and overhaul its store estate. Sales rose 9.4 per cent to £13.1 billion, with food sales up 13.0 per cent and clothing and homewares up 5.3 per cent.
But it delivered the margin targets already in 2023/24, with 4.8 per cent in food and 10.3 per cent in clothing and home. Its market share increased 40 basis points in clothing to 10 per cent and by 15 basis points in food to 3.55 per cent.
Marks And Spencers
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