British retailer Marks & Spencer has today (Tuesday, August 15) reported that like-for-like food sales grew by over 11% in the first 19 weeks of 2023.
The company said that it has seen continued market share growth in both its food and clothing and home businesses over the period.
It added that “good progress” is being made on the programme to “reshape M&S”.
Marks & Spencer
Along with increased food sales, Marks & Spencer said it made further investment in “quality and trusted value, sharpening prices on over 80 ‘Remarksable Value’ lines”.
Overall, the group’s operating margin has continued to be “robust”.
This has been driven by strong store performance and enhanced by the company’s store rotation and renewal programme.
“There remain considerable uncertainties about the economic outlook, and there is a risk that the consumer market will tighten as the year progresses.
“Nevertheless, we now expect the outcome for the year to show profit growth on 2022-23, and the interim results to show a significant improvement against previous expectations,” a Marks & Spencer spokesperson said.
The company will publish its interim results for the 26 weeks ending September 30, on November 8, 2023.
Last month, Marks & Spencer announced an expansion of its partnership with agri-tech start-up AgriSound to an additional 18 M&S Select farms across the UK.
In 2022, M&S launched two in-field sensor trials to help farmers better support pollinators like bumblebees and increas crop yields.
AgriSound Polly technology allows farmers to track the number of pollinators visiting their farm in real-time and target specific interventions, like differing wildflower densities, for improving numbers and yields and quality of crops, as well as benefitting the wider environment.
