Business & Policy | Industry Updates | Retail

M&S Reports Strong Q3 Results and Festive Sales Surge

Published: January 20, 2024
Author: Fashion Value Chain

Marks & Spencer (M&S) has shared positive news about its Christmas and Q3 performance, revealing a robust season and sustained sales momentum. In the 13 weeks leading up to December 30, group sales increased by 7.2% to £3.856 billion, marking a noteworthy achievement in comparison to the wider UK retail sector.

The Clothing & Home division, a historical challenge for M&S, saw a remarkable rise of 4.8% in both total and like-for-like sales, amounting to £1.236 billion. Meanwhile, the food division experienced an impressive growth of 10.5%, reaching £2.332 billion (£3.568 billion in total UK sales).

Despite this success, Clothing & Home International sales faced a decline of 6.4% to £288 million. M&S attributed this to planned franchise shipments in the Middle East and Asia, along with more challenging market conditions in India. The company expressed a commitment to improving performance through a review of priorities and collaboration with franchise partners.

Stuart Machin, CEO of M&S, highlighted the effectiveness of their growth strategy and a positive outlook for 2024. In Clothing & Home, the brand achieved sales growth ahead of the market, particularly in womenswear. Notable successes included improved customer perceptions of style, quality, and value, resulting in an increase in full-price market share.

M&S’s online sales surged by 10.9%, and store sales increased by 2%, with new full-line stores exceeding expectations. The focus on key categories like knitwear, denim, and top-of-range Autograph lines contributed to the positive performance.

Looking forward, M&S aims to maintain its growth objectives by focusing on trusted value, accelerating store renewal plans, improving supply chain efficiency, and enhancing its digital and technology strategy. Despite acknowledging near-term challenges, Machin remains optimistic about the company’s vision to be the most trusted retailer, emphasizing quality products and future opportunities.

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