Marks and Spencer (M&S) reports significant growth in sales and profits for the first half of 2024.
- The retailer’s market share in clothing has grown for four consecutive years.
- M&S achieved total sales of £6.5 billion, a 5.8% increase from previous periods.
- Significant growth observed in both clothing, home, and food sectors.
- CEO Stuart Machin highlights the success of strategic initiatives driving performance.
Marks and Spencer has published its financial results for the first half of 2024, showcasing a strong performance with an increase in both sales and profitability. The retailer’s group sales have reached £6.5 billion, marking a 5.8% rise compared to previous figures. This performance has been underpinned by the retailer’s successful strategic initiatives and consistent market share growth, particularly in the clothing sector.
The four-year consecutive growth in the clothing market share is highlighted by impressive sales in womenswear, menswear, and lingerie. Noteworthy contributions to this growth include popular knitwear and casual tops, and successful collaborations with figures such as Sienna Miller and Bella Freud. The clothing and home segment reported a 4.7% increase in sales, with an adjusted operating profit of £242.2 million and a margin of 12.0%.
M&S also reported a strong 8.1% growth in food sales, accompanied by an adjusted operating profit of £213.1 million and a margin of 5.1%. The effectiveness of M&S’s strategy to reshape its operations is evident from these figures, as both the food and clothing segments have shown consistent market share increases over four years.
Online sales for clothing and home have also seen robust improvement, reflecting the retailer’s focus on deeper buying into campaign lines and on-trend collaborations. This approach has enhanced M&S’s style perception, attracting a wider customer base and driving full price sales amidst a highly competitive promotional market.
Stuart Machin, Chief Executive of M&S, attributed their success to the strategic focus on quality and value, which has yielded strong returns and increased customer numbers. While acknowledging the achievements, Machin pointed out that there remains substantial work ahead to sustain this growth trajectory.
M&S demonstrates robust financial health and strategic success, yet remains focused on future growth opportunities.
