Marks & Spencer reported a 58% increase in annual profit, with food sales up 13% and clothing & home sales up 5.3%.
Marks & Spencer (M&S) reported a 58% increase in annual profit, reflecting a successful turnaround strategy for both its food and clothing divisions. The retailer achieved an underlying pre-tax profit of £716.4 million for the year ending March 30, with food sales rising 13% and clothing & home sales increasing by 5.3%. To offset rising staff wages, M&S plans to enhance its cost-cutting measures by an additional £100 million, aiming to reach £500 million by 2027-28.
May 22, 2024
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