M&S FY profits, sales jump as turnaround efforts bear fruit

In the 52 weeks to 30 March, profit before tax and adjusting items rose 58% to £716.4m, with revenue up 9.3% to £13bn.

Food sales grew 13% during the year, while clothing and home sales rose 5.3%.

M&S said its "stronger financial position and performance" gave it the opportunity to restore dividend payments at a sustainable level, with a proposed final dividend of 2p, resulting in a full-year dividend of 3p for 2023/24.

Chief executive Stuart Machin 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.

"Investment in store rotation and the end-to-end supply chain is beginning to pay off. New stores and renewals are performing ahead of forecast and attracting new customers. Supply chain modernisation supported margin growth across both businesses. In Clothing & Home, stock flow improved enabling historically low levels of stock cover, and in Food, Gist is delivering payback ahead of expectations."