10 November 2022, Mumbai:
M&S’ half yearly sales were up 13 per cent. Sales in its Clothing and Home operation rose 14 per cent with sales via physical stores up 18.8 per cent and online up 4.9 per cent. It saw growth in both market share and profitability.
Full-price sales participation was broadly level on last year and well above the historic average. Market share increased 50 bps to 9.1 per cent and it generated growth across categories and channels.
The high-double-digit sales rise through physical stores was driven by stores in city centres and malls, reflecting the return to more normal trading patterns although high streets continued to lag.
The rise in online sales meant e-tail made up 32 per cent of Clothing and Home revenue, with continued strong growth in traffic and increased average order values, partly offset by higher returns rates.While adjusted pre-tax profits were down, reported pre-tax profit rose. Trading in the first half was robust as it grew ahead of the market, reflecting the beginnings of a reshaped M&S.
The company’s program to renew and rotate store estate is driving sales and quick paybacks, while the M&S App now accounts for over a third of online sales.
