Marks & Spencer delivered a 58% leap in profit before tax to £672.5 million in the year to 30 March 2024. Overall sales at the high street giant were up 19.3% to £13 billion while the turnaround in fashion was evident with a 5.3% increase in turnover at Clothing & Home.
Its Clothing & Home division, which has been undergoing a renaissance in recent seasons, also delivered greatly improved profit with adjusted operating profit for the division clocking in at £402.8m, compared to last year’s £323.8m, representing a margin of 10.3%.
Elsewhere its food sales were 13% and delivered an operating profit of £395.3m (prior year £248m) and a margin of 4.8%.
Marks & Spencer said the turnaround in Clothing & Home was down to its trading model delivering “style, value, quality and lower markdown”.
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