M&S boss heralds growth for 'years to come' as a million new shoppers boost profits

The boss of Marks & Spencer says he is hopeful of a "growth story for years to come" after the revitalised retailer won over 1 million more shoppers to boost profits by 41%.

- Sarah Butler

Stuart Machin, the chief executive, said it was "the beginnings of a new M&S" and there was "wind in our sails and confidence that our plan is working", as pre-tax profits rose to £672.5m in the year to 30 March.

Sales increased 9.4% to £13bn on the back of an 11.3% rise in grocery sales at established stores. The increase was not just a result of inflation, with the volume of goods sold up 5% after the group invested £60m in keeping prices down.

Machin said the retailer, which has 240 full-line stores and 325 food outlets, was winning over a "broad church" of new customers. More under-30s are buying its lingerie than ever before, taking its market share in that product category to a new high of 38%.

Shares in the group rose nearly 6% yesterday morning as it announced its first dividend payment to shareholders since 2019, and Machin said M&S was in "the best financial health it's been in decades", with debts reduced.