Marks & Spencer’s half-year profit increased by 75% – Kommersant

Today, November 8, the British retail chain Marks & Spencer (M&S) reported about the results of its operations for the first half of the 2023 financial year, which ended on September 30 for the company. Total revenue was £6.1 billion, up 10.8% on the same period the previous year. Net profit reached £360 million, up 75.3% from the previous year.

The retailer recorded an increase in sales in all its areas. The largest increase was noted in the product sales segment – by 14.7%. Sales of clothing and home goods rose 5.7%, and international sales rose 3.9%. Thanks to the success of its cost-cutting programme, M&S has also achieved net profit margin growth of 4-10% depending on the segment. The company said that due to the strong results, it will pay dividends for the first time since 2019. Investors reacted very positively to M&S’s half-year results – after the publication of reports, the company’s shares rose by 10% in London trading.

Evgeny Khvostik