M & S Half-Year Report 2022

Strong financial results

• Profit before tax & adjusting items of £269.4m (2019/20, £176.3m)
• Profit before tax of £187.3m (2019/20, £158.8m; 2020/21, loss of £87.6m)
• Food sales1 up 10.4%, sales ex hospitality and franchise2 up 16.9%
• Food operating profit before adjusting items of £143.7m (2019/20, £92.2m)
• C&H sales1 down 1%, full price sales up 17.3%
• C&H online sales1 growth of 60.8%, now 34.4% of total C&H sales. Store sales down 17.6%
• C&H operating profit before adjusting items of £156.2m (2019/20, £109.6m)
• Net debt reduced to £3.15bn down 22.6% on 2019/20.

Underlying improvements in all main businesses

• M&S Food growing market share with consistent strong quality and improved value perceptions
• Ocado Retail opens 3 new CFCs. Planned capacity growth over 50% since M&S investment
• C&H increased value and style perception. Market share growth across key categories and channels
• MS2 driving strong online growth, record active customers and increased retention
• UK pipeline includes 20 full line stores, enabling 3 full line closures in H1
• International rebounding despite lockdowns, trading restrictions and EU border costs