Marks & Spencer (M&S) has announced that its food business has seen an increase in annual sales, with like-for like sales up 1.7% on the previous year.
M&S has now recorded 18 consecutive quarters of like-for-like growth in its food business. Sales of its Simply M&S range have continued to increase and the brand now accounts for 11% of the group’s total sales.
Overall group turnover increased 2.7% to £10.3 billion ($17.4 billion), which was attributed to good performance in its international and multi-channel businesses, as well as its food arm. However, despite increased turnover, profits fell 3.9% to £623 million compared to last year.
Marc Bolland, M&S chief executive, said: “M&S grew sales by 2.7% last year. We are focused on improving our performance in general merchandise and were pleased to see early signs of improvement. Our food business had a very strong year, consistently outperforming the market”.
“Three years ago, we recognised the scale of investment required to transform our business, investing to strengthen our foundations and improve our customer offer. We are making solid progress on this journey and are now focused on delivery.”
Source: Talking Retail