Marks & Spencer has praised a “strong” year from the UK group’s food business after it posted a 10% jump in sales over the last 12 months.
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The company today (22 May) reported its full-year results for the year to 31 March. Underlying operating profit leapt 22% to GBP1.04bn (US$2.1bn) while turnover rose 10.1% to GBP8.6bn.
M&S increased its share of UK food sales to 4.3%, inching up from 4.1% as the company’s food business cycled what it called “much tougher comparatives”.
“Performance was driven by our continued focus on quality, value and innovation,” M&S said. The company’s celebration and indulgence ranges enjoyed a “strong” year, M&S added.
Internationally, M&S saw sales rise 14% from its owned stores, driven by growth in Ireland. Sales from the company’s franchise stores climbed 21% as M&S entered four European markets – Slovakia, Latvia, Bulgaria and Switzerland.
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By GlobalDataChief executive Stuart Rose said he expects the UK retail environment to become “more challenging”. He said: “Competition remains intense and pressure on consumer spending as a result of interest rate rises will also increase.”
