Marks & Spencer reports strong first-half earnings for 2024.
- Sales reach £6.5 billion, a 5.8% increase compared to previous period.
- Profit before tax rises 17.2% to £407.8 million.
- Clothing and home sector sees robust growth, driven by key collaborations.
- Double-digit increase in online sales for clothing and home.
Marks & Spencer has reported a solid performance for the first half of 2024. The retailer’s sales climbed to £6.5 billion, marking a 5.8% rise compared to the same period in the previous year. Profits before tax and adjustments also saw a notable increase, reaching £407.8 million, up by 17.2%.
In the clothing and home sector, Marks & Spencer recorded a healthy 4.7% growth. This was significantly influenced by successful collaborations with Sienna Miller and Bella Freud, which have been particularly well-received. The brand’s menswear and womenswear lines, including knitwear and casual tops, were highlighted as strong performers. This success contributed to an operating profit of £242.2 million with a margin of 12%.
Food sales also demonstrated impressive growth, increasing by 8.1%. This resulted in an adjusted operating profit of £213.1 million, reflecting a margin of 5.1%. The consistent growth across both food and clothing sectors illustrates the effective execution of Marks & Spencer’s strategy to enhance customer base and market share.
An important aspect of this reporting period was the double-digit growth in online sales for clothing and home products. Chief Executive Stuart Machin remarked that deeper buying into campaign lines and on-trend collaborations were key drivers in shifting style perceptions and attracting new customers.
The company’s strategic approach to maintaining a lead on quality and value enabled them to sustain full-price sales even in a competitive market. The focus remains on quality products, which are at the heart of Marks & Spencer’s vision to be the most trusted retailer.
Marks & Spencer continues to execute its growth strategy effectively, achieving increases in customer numbers, sales, and market share.
