The Marks and Spencer Group (M&S) declared a statutory profit before tax of £ 672.5 million and a profit before tax and adjusting items of £ 716.4 million for the entire year. Group sales increased by 9.4 per cent to £ 13.1 billion.
During the reviewed year, UK clothes and house sales increased by 5.3 per cent, and adjusted operating profit reached £ 402.8 million. Adjusted operating profit dropped to £ 47.7 million, while international sales decreased by 1.4 per cent to £ 1 million.
“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 retail park and shopping centre stores performed well, as seen by the 4.1 per cent increase in store sales. M&S closed twelve stores, five of which were relocations, and opened six full-line stores selling food and clothing as well as home goods.
Complete queue openings comprised a new shop in Purley Way and the transfer of five former Debenhams locations in Leeds, Manchester, Liverpool, Birmingham and Thurrock. M&S plans to open up to four new full-line stores in 2024–2025.
