What: Marks and Spencer Group (M&S) reported a profit growth with UK clothing and home sales increasing by 5.3 percent and overall group sales improving by 9.4 percent to £13.1 billion.

Why it is important: The profit growth and increased sales in the clothing and home sector reflect M&S's successful strategies amidst challenging market conditions.

M&S reported a profit before tax and adjusting items of £716.4 million and statutory profit before tax of £672.5 million for the full year. Group sales increased by 9.4 percent to £13.1 billion, with UK clothing and home sales up by 5.3 percent and adjusted operating profit rising to £402.8 million. Despite a 1.4 percent decline in international sales, M&S opened six new full-line stores, including relocations to former Debenhams stores, and plans to open up to four more in 2024/25. CEO Stuart Machin emphasized the ongoing cultural transformation within the company as crucial for continued success.

M&S posts profit growth, clothing & home sales increase 5.3 percent