M&S Half-Year Report 2024

STRONG FIRST HALF RESULTS

M&S’s first half results showed a good year on year improvement in almost all businesses. Favourable market conditions, surprisingly resilient consumer demand and the effect of competitor exits from the market provided a solid backdrop. In this environment, the strategy to reshape for growth has enabled M&S to increase customer numbers and market share in both businesses, with healthy volume growth and reduced promotions in Food, higher than expected full price sales in Clothing & Home and structural cost reduction supporting robust margins.

Profit before tax and adjusting items for the period was £360.2m (2022/23: £205.5m). Adjusting items of £34.6m (2022/23: £3.0m) included a credit due to the remeasurement of contingent consideration for Ocado Retail. Statutory profit before tax was £325.6m (2022/23: £208.5m).

  • Food sales grew 14.7% with LFL sales up 11.7%, outperforming all mainline grocers on volume as customer numbers increased. Growth was underpinned by further investment in trusted value, category resets in basket building areas such as grocery and homecare, and on-going quality upgrades of products in key customer missions including ‘Dinner for tonight’ and ‘Events’. Adjusted operating margin recovered to 4.3% from 2.2% last year, (2021/22: 4.6%). This was driven by growth in volume and market share, manufacturing efficiencies and the benefits of the Gist acquisition completed last year of over £30m.

Free Trial

Step 1 of 2

Name(Required)

By pressing “Send” you agree to the Privacy Policy of this site

No Credit Card needed, after filling up the form you will receive your Free-Trial login information in 24 to 48 hours by e-mail.

ImprintPrivacy Policy

All Rights Reserved © aicorite.com