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HomeNewsMarks & Spencer Profit Soars Over 40% in Last Fiscal Year

Marks & Spencer Profit Soars Over 40% in Last Fiscal Year

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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:

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