British multinational retailer Mark & Spencer (M&S) has announced a substantial increase in its financial performance for the fiscal year 2023/24, with profit before tax (PBT) soaring by 41.4% to £672.5m ($855.6m), up from £475.7m in 2022/23.  

The company’s profit after tax also climbed by 16.7% to £425.2m. 

During the year ending 30 March 2024, M&S’s statutory revenue reached £13.04bn, a 9.3% rise from £11.93bn in the previous year.  

Sales for the fiscal year were reported at £13.10bn, a 9.4% increase from £11.98bn a year earlier. 

The company’s food division saw a 13.0% increase in sales, with an adjusted operating profit of £395.3m and a margin of 4.8%.  

The clothing and home segment also experienced growth in 2023/24, with sales up by 5.3%, an adjusted operating profit of £402.8m and a margin of 10.3%. 

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Store sales rose by 4.1%, with notable performances in shopping centre and retail park locations.  

M&S opened six new full-line stores and closed 12, including five relocations.  

Its online sales grew by 7.8%, with a significant uptick in the second half of the year, particularly in womenswear, due to more effective online marketing strategies. 

The retailer’s basic EPS (earnings per share) was 21.9p, an 18.4% growth from 18.5p in 2022/23.  

The company’s net debt decreased £471.4m and stood at £2.17bn at the end of the year. 

M&S chief executive Stuart Machin said: “Two years into our plan to reshape for growth we can see the beginnings of a new M&S. 

“Food and Clothing & Home grew volume and value share ahead of the market and sales increased across stores and online. Both businesses have now delivered 12 consecutive quarters of sales growth and this trading momentum gives us wind in our sails, and confidence that our plan is working. We are becoming more relevant to more people more of the time.” 

In April 2024 M&S announced a series of new investments as it aims to achieve net zero by 2040.