Marks & Spencer has published its H1 (ended 28th September) results – a period in which the retailer exited the “bulky furniture” market, “freeing resources and space to focus on growth in core Home”.
Profit before tax and adjusting items was up +17.2% to £407.8m, with Clothing & Home sales up +4.7%, delivering an adjusted operating profit of £242.2m and a margin of 12.0%, buoyed by digital investment to improve product planning and the online experience.
New UK stores and renewals traded ahead of expectations. Structural cost reductions remained on track, with some £60m saved in the period, largely offsetting cost inflation.
Chief executive Stuart Machin says: “As M&S continues to invest in the early stages of ‘Reshaping for Growth’, the business has delivered improved sales and volume, profit and market share in both Food and Clothing & Home.
“Our online business made progress in the period, with double-digit growth in Clothing & Home, and the exit of the bulky furniture category. It remains a critical objective to grow online participation from the current one-third mix of Clothing & Home sales, and we are addressing issues in fulfilment and website performance which provides opportunities for growth.”
