Marks and Spencer boosts sales as turnaround strategy pays off

Marks and Spencer has posted sales and profit growth, proving its latest turnaround strategy is working.

The 139-year-old retailer, which has promised investors and shoppers a revival for more than two decades, said sales rose 9.9 percent to almost £12 billion. Its pre-tax profit for the year to April 1 rose to £475.7m from £391.7m.

Chief executive Stuart Machin hailed “sustained trading momentum” across the company, adding that food outperformed the market, with “customers seeing quality and value at their best in six years”.

M&S plans to reintroduce a modest dividend to shareholders from November after suspending payments at the start of the pandemic to protect its balance sheet.