In his first full-year update since taking the top job last May, Londoner Stuart Machin said: “Our strategy to reshape M&S for growth has driven sustained trading momentum, with both businesses continuing to grow sales and market share.”
For the 12 months to April 1 sales growth came in well ahead of analyst forecasts. Clothing and home was £3.7 billion, 11.5% higher, and food was £7.2 billion, up 8.7%.
However, M&S, which has a joint venture with Ocado, did point to a number of headwinds such as the uncertain economic outlook for consumer spending and cost inflation remaining high, adding that “market conditions are expected to become more challenging”.
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