M&S overtakes Waitrose in Middle England ahead of Christmas
The Telegraph reported that this is the first time ever that M&S has outstripped Waitrose outside the Christmas period
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Marks and Spencer has overtaken Waitrose for the first time in Middle England ahead of the Christmas season, according to the Telegraph.
Unpublished market data seen by the Telegraph revealed that M&S surpassed Waitrose and every other supermarket in sales growth over the last month.
According to the recent Kantar data, M&S held a 4.03% share of the grocery market for the four weeks to 3 November, up from 3.76% in the prior year.
However, in the same period Waitrose’s shares plummeted to 3.19% from 4.02% a year earlier.
The Telegraph reported that this is the first time ever that M&S has outstripped Waitrose outside the Christmas period.
M&S also saw the biggest sales rise of any of the supermarkets during the period, surging by 11% versus a year earlier, compared with 6.9% growth at Lidl, 6.3% at Sainsbury’s and 5.8% at Tesco.
Waitrose, meanwhile, grew sales by 1% in the period, only overtaking Asda and the Co-op.
Additionally, according to M&S’ half year results for the 26 weeks ended 28 September 2024 its profit before tax and adjusting items increased by 17.2% to £407.8m (2023/24: £348.1m). Its statutory profit before tax also increased from £325.6m to £391.9m.
Statutory revenues of the grocer also saw a 5.7% rise to £6.48bn.
Stuart Machin, chief executive of M&S, said: “The business remains in robust financial health. We have improved our return on capital employed to 15% and further strengthened our balance sheet, giving us the capacity and flexibility to invest for growth and deliver structural cost reduction, demonstrating our ability to deliver value for shareholders.
“The recent Budget’s long-term impact on M&S, our suppliers, and our customers is for now uncertain. Meanwhile, we are confident and we remain on track and focused on what is in our control. We have the best Christmas food range I’ve seen in my time at M&S and the most stylish seasonal clothing offer yet, and we know customers are looking forward to celebrating Christmas with M&S. I want to thank my colleagues for everything they have done and are about to do, and of course, all of our customers for shopping with us.”
