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Clothing & ShoesEconomy

M&Co reports rocketing online sales

M&Co has reported a rapid rise in its online sales of 18.3% in the year to February which contributed to an overall sales rise of 5.4% up to £211.4m.

The group saw pre-tax profit grow by £320,000 to over £3.6m, while like-for-like sales grew by 2.4% across the same period.

M&Co said the strong performance had been achieved against “a backdrop of challenging market conditions”.

CEO Andy McGeoch said: “Undoubtedly the high street environment remains challenging, with high business rates, cost inflation, heavy discounting, economic uncertainty and international currency fluctuations collectively putting pressure on margins.

“As a result, our commitment to both drive efficiencies and to enhance our customer experience, has seen us significantly increase our IT investment to take advantage of new technologies.

“Key to our future growth is the implementation of our digital strategy and the growth of our ecommerce business both in the UK and internationally, meeting the omni-channel needs of today’s exacting customer.”

Based in Inchinnan, Scotland, the company has 300 stores worldwide and employs 3,400 employees across the UK in shops, distribution centres and offices.

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