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M&S has revealed that its profit-before-tax rose to £672.5m, up from £475.7m, for the year ended 30 March 2024.
Alongside this, the company’s profit before tax and adjusting items was £716.4m, up from £453.3m.
Overall, the retailer’s revenue jumped 9.3% from £1.19bn last year up to £1.3bn this year.
Its food sales were also up 13.0% with an adjusted operating profit of £395.3m, up from £248.0m last year.
Furthermore, the company stated that clothing and home sales rose 5.3% with an adjusted operating profit of £402.8m up from £323.8m.
However, Ocado retail had an adjusted loss £37.3m up from the £29.5m it lost last year as its struggles continued.
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 and 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.”
He added: “Continued progress was made on value perception with £60m invested in price. In Clothing and 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.
“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 and Home, stock flow improved enabling historically low levels of stock cover, and in Food, Gist is delivering payback ahead of expectations.”
