Fashion Updates | Retail

Marks & Spencer set for another sales rise

Published: May 20, 2023
Author: Fashion Value Chain

Despite widespread worries about the impact of the rising cost of living on the high street, Marks & Spencer is expected to report yet another increase in sales.

The retailer’s shares have been strong lately as it has continued to advance thanks to the rescue plan put forth by former CEO Steve Rowe.

When the business’s present managers update the market on May 24 after a year in the hot seat, investors in the company will be hoping it can point towards a prolonged upward trajectory in trading.

Marks & Spencer is anticipated to report yet another increase in sales for the year ending in April, with clothes and home sales to increase by 10.5%.

It does so despite pressure on consumer budgets brought on by skyrocketing prices for household expenses like electricity, which have led some Britons to reevaluate spending on non-essential items.

However, Marks & Spencer stated in its January trading update that both its food hall business and its clothes and home division experienced considerable sales growth over the prior quarter.

The clothes operation, which had become a difficulty area for the company before the transformation plan was introduced, will be an area where investors will be especially interested to see additional improvement.

The retailer said earlier this year it would invest around £ 500 million into its stores, in a move set to create a further 3,400 jobs.

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