M&S Food Full-Year Report 2024

Stuart Machin, Chief Executive said: “Two years into our plan to Reshape for Growth we can see the beginnings of a new M&S. Food and Clothing & Home grew volume and value share ahead of the market and sales increased across stores and online. Both businesses have now delivered 12 consecutive quarters of sales growth and this trading momentum gives us wind in our sails, and confidence that our plan is working.”

We are becoming more relevant, to more people, more of the time. We remained unswerving in our commitment to trusted value, offering customers exceptional quality at the very best price. Food’s leading quality perception increased even further with over 1,000 products upgraded and 1,300 new lines launched. Continued progress was made on value perception with £60m invested in price. In Clothing & Home, style perception continued to improve and our decisive lead on quality and value perception was extended. Our commitment to ‘First Price Right Price’ supported full-price sell-through ahead of last year.” 

Highlights

• Food delivers market-leading volume growth and strong innovation whilst broadening customer appeal.
• C&H delivers market-leading share growth. Trading model delivering style, value, quality, and lower markdown.
• Strong returns from store rotation and renewal. Increased renewal this year and pipeline of new stores developing. • M&S.com accelerating growth, attracting new customers, and increasing profitability.
• Gist acquisition generating quick pay back, creating foundations for Food distribution network development.
• Structural cost savings of £180m in 2023/24, with 5-year objective increasing to £500m from £400m.
• Increased free cash flow of £414m driving further balance sheet improvement and net funds position at year end.
• Capacity to accelerate high returning investment and to restore a full year dividend of 3 pence per share.