M&S ‘fundamentally changed’ as full-year profits climb and sales rise

M&S store

Marks & Spencer has recorded a strong uplift in full-year profits bolstered by sales increases across both clothing and food, as outgoing chief executive Steve Rowe says the business has “the opportunity for substantial further growth”.

Although partner Ocado  Retail’s sales declined 4% in the year, M&S products comprised over a quarter of shoppers’ baskets during the period, and the retailer said that it is investing in increased capacity with the online grocer which “has the potential to grow the business by over 50% when fully ramped up”.

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