(News Bulletin 247) – Marks & Spencer today announced its annual results for the year ended April 1.
The company posted profit before tax and adjusting items down 7.8% to 482 million pounds, lower than the 523 million pounds posted in 2021/22. Statutory profit before tax was £475.7 million (2021/22: £391.7 million).
The apparel and home sector increased sales by 11.5% and 11.2%, food is up 8.7%, with LFL sales up 5.4% and international sales increased by 11.2% at constant exchange rates.
‘Our strategy to reshape M&S for growth has resulted in sustained business momentum as both companies continue to grow sales and market share,’ said Stuart Machin, Managing Director.
For 2024, modest growth in turnover is expected, ‘driven by omnichannel as well as by the benefits of the store rotation plan which is accelerating’, specifies M&S.
Continued investment in quality and sound values will be partially offset ‘by actions aimed at alleviating pressures on supply costs and reducing waste and loss of stock’, further underlines the British retailer.
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