Strong Financial Performance:
M&S reported a significant increase in profit before tax and adjusting items, reaching £716.4m, up 58% from the previous year. The company saw a rise in sales across Food and Clothing & Home segments, with Food sales up 13% and Clothing & Home sales up 5.3%.

Operational Highlights:
The company achieved strong returns from store rotation and renewal, with a developing pipeline of new stores2. M&S.com is accelerating growth, attracting new customers and increasing profitability3. The acquisition of Gist is generating a quick payback and laying the foundation for the Food distribution network development.

Strategic Developments:
M&S is focusing on structural cost savings, increasing its 5-year objective from £400m to £500m. The company has the capacity to accelerate high-returning investment and has restored a dividend of 3 pence per share.

Future Outlook:
M&S is investing in innovation and value to attract family shoppers, with plans to maintain a ‘virtuous circle’ in 2024/25. The company aims to continue its volume growth focus, innovate key ranges, and go further on quality with 1000 upgrades planned. M&S is also working on modernizing its supply chain and implementing a high-performance culture.