M&S makes more money – level 3

27-05-2024 15:00

British retailer Marks & Spencer (M&S) saw a 58% rise in yearly profit, beating expectations.

The company’s new plan brought strong sales in food and clothing. Sales for the year to March grew by 9.4% to 13.1 billion pounds, with food sales up by 13% and clothing and home sales up by 5.3%. CEO Stuart Machin said this is the first yearly dividend since 2019, showing good financial health. M&S shares went up by 10% to a six-year high. The profit before tax was 716.4 million pounds, higher than expected.

M&S has spent a lot to improve its products, technology, and stores. Machin believes that their plan can bring more growth. M&S hit their margin targets early, with 4.8% in food and 10.3% in clothing and home. They aim to increase their market share by 2027/28 and are confident about the future.

Difficult words: retailer (a shop or business that sells goods to the public), dividend (payment to shareholders), margin (profit percentage).

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What are the percentage increases in sales for food and clothing and home items according to the yearly report of Marks & Spencer?


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