London, May 22, 2024 (TASR) – British retailer Marks & Spencer (M&S) announced a significant jump in profit for the fiscal year ended 2023/24. Profit before tax surged by over 40%, while adjusted profit before tax nearly doubled. Revenue grew by nearly 10%, driven by strong performance in both food and clothing divisions.
Key Points:
- Revenue: M&S achieved revenue of £13.1 billion (EUR 15.33 billion) in fiscal 2023/24, up 9.4% from the previous year.
- Food Division: Revenue in the food division grew by 13%, with like-for-like sales rising by 11.3%.
- Clothing & Home Division: Sales in this division increased by 5.3%, with like-for-like sales up 5.2%.
- Profit Before Tax: Profit before tax reached £672.5 million, a 41.4% increase from the previous year.
- Adjusted Profit Before Tax: Adjusted profit before tax soared by 58% to £716.4 million, exceeding analysts’ expectations.
Implications:
- M&S’s strong results reflect the success of its transformation strategy implemented in recent years.
- The chain is focusing on improving its food offering and modernizing its clothing and homeware.
- Growing demand for food and apparel, coupled with the easing of COVID-19 restrictions, contributed to revenue growth.
- M&S expects this trend to continue in the next fiscal year.
Sources: Reuters and RTTNews, Marks & Spencer
Further Information:
