M&S makes more money – level 2

M&S makes more money

27-05-2024 15:00

British company Marks & Spencer (M&S) made 58% more profit this year. This was better than the company expected.

Their new plan helped sell more food and clothes. Sales for the year grew by 9.4% to 13.1 billion pounds. Food sales went up by 13% and clothing sales went up by 5.3%. CEO Stuart Machin said that this is the first time since 2019 they will pay money to shareholders. M&S shares went up by 10%. The profit before tax was 716.4 million pounds.

M&S worked hard to make better products and stores. Machin thinks that the plan can help more in the future. They want to sell even more by 2027/28 and are hopeful about the future.

Difficult words: profit (money which a company makes), shareholder (a person who owns part of a company), share (a part of a company which you can buy).

You can watch the original video in the Level 3 section.

What is the percentage increase in food and clothing sales for Marks & Spencer this year, and how does this relate to their overall profit?

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