The financial fortunes of Marks & Spencer have shown significant improvement over the past year.
- M&S’s operating profit before adjusting items increased by 33% in the last financial year.
- CEO Stuart Machin was awarded a record payout of £4.7 million due to the company’s success.
- Co-chief executive Katie Bickerstaffe also saw a significant increase in her pay package.
- M&S has attracted one million more customers, marking a strong business performance.
Marks & Spencer has experienced a notable improvement in its financial performance over the past year, with a growth in operating profit by 33% from £626.6 million in April 2023 to £838.6 million for the period ending 30 March 2024.
The remarkable turnaround of the retailer has led to a record £4.7 million compensation package for CEO Stuart Machin, an increase from £2.7 million the previous year. This package comprises a salary of £818,000 and a bonus of £1.5 million. His total pay surpasses that of predecessors Steve Rowe and Marc Bolland, whose maximum annual earnings amounted to £2.6 million in the past decade.
Co-chief executive Katie Bickerstaffe, who will be leaving the company in July, experienced a pay rise from £2.4 million to £4.4 million, reflecting her contributions on a four-day working week schedule with an annual salary of £750,000.
A spokesperson from M&S highlighted the strong business performance, noting the attraction of one million more customers as well as an increase in sales, market share, and profits. The company has invested in significant pay awards for their store colleagues and paid a dividend to shareholders, the first of such in four years. “When it comes to Stuart [Machin]’s pay, he received £1.69 million this year with the rest being deferred variable pay which is subject to holding periods and its value dependent on future share price performance,” the spokesperson added.
Marks & Spencer’s financial success has been reflected in record payouts for its executives.
