M&S annual profit soars 58% as turnaround strategy delivers

After two decades of failed turnaround efforts, M&S, under chief executive Stuart Machin, is finally reaping the rewards of an expensive investment programme to improve the quality and value of its operations.

M&S made profit before tax and adjusting items of £716m (€841m) in the year to March 30 - ahead of analysts' forecasts which ranged between £665m and £705m and the £453m made in 2022/23.

Retailer Marks & Spencer (M&S) reported a 58% rise in annual profit, ahead of market expectations, as its strategy to re-shape the business delivered strong sales growth in both its food and clothing divisions.

The 140-year old retailer, one of the biggest names in British business, also said on Wednesday it was confident of further progress in its new financial year.