For the full year, Marks and Spencer Group (M&S) reported profit before tax and adjusting items of 716.4 million pounds and statutory profit before tax of 672.5 million pounds, while group sales improved 9.4 percent to 13.1 billion pounds.
UK clothing & home sales were up 5.3 percent during the year under review with adjusted operating profit increasing to 402.8 million pounds. International sales were down 1.4 percent to 1 million pounds, with adjusted operating profit declining to 47.7 million pounds.
“There remains much work to do and that’s a good thing as every challenge is an opportunity for growth. The soft wiring of the organisation – who we are and how we show up – is changing and we are building a culture where everyone is sleeves rolled up, M&S first, closer to customers and closer to colleagues. But culture change is a job that is never ‘done’ and it is critically important to reshape M & S,” said Stuart Machin, chief executive of M&S in a statement.
The company’s store sales increased 4.1 percent, with a good performance in shopping centre and retail park stores. M&S opened six full line stores, which sell both clothing & home and food and closed twelve, of which five were relocations.
Full line openings included the relocation to five former Debenhams stores in Leeds, Manchester, Liverpool, Birmingham and Thurrock and a new store in Purley Way. In 2024/25, M&S anticipates opening up to four new full line stores.
