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M&S expects 'modest' revenue growth in 2023/24

M&S expects 'modest' revenue growth in 2023/24
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Clothing and food retailer Marks & Spencer on Wednesday forecast "modest" growth in revenue in its new financial year after 2022-23 profit beat expectations and said it would resume its dividend with an interim payout in November.

For the year to April 2, M&S made a profit before tax and adjusting items of £482 million - ahead of analysts' average forecast of £436 million but down from the £523 million made in 2021-22.


Profit fell in 2022-23 despite an 9.6 per cent rise in revenue to £11.9 billion, due to higher energy and labour costs and unhelpful currency moves.

It was also dented by M&S's exit from Russia, the lack of the prior year's government support on business rates and a share of losses from its online grocery joint venture with Ocado.

M&S said food sales increased 8.7 per cent over the year, while clothing and home sales were up 11.5 per cent, with its bias towards older, more affluent customers giving it some protection from an ongoing cost-of-living crisis.

It said it had made a good start to the 2023-24 year, with both food and clothing growing sales.

M&S has not paid a dividend since its 2019-20 year as part of a move to protect its balance sheet during the pandemic.

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A whopping ninety-one per cent of respondents to a survey conducted by the Federation of Independent Retailers (the Fed) called for more police patrols on streets, while a similar number - 90 per cent - said that shoplifters should be handed harsher sentences.

Seven out of 10 respondents (72 per cent) said their stores had experienced shoplifting, break ins and damage to property, while they and their staff had been physically or verbally threatened.

Just under half of respondents (47 per cent) said they and their employees had been threatened or had suffered abuse and violence when asking for proof of age ahead of selling an age-restricted product.

Forty-four per cent reported that they and their staff had faced abuse or violence because they had refused to make a proxy sale – selling an age restricted product to a customer buying for a minor.

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“Inadequate responses from the police and a slap on the wrist for offenders means that shoplifting is soaring, and offenders are becoming more aggressive and brazen,” said Fed National President Mo Razzaq.

“From the responses we received, it is clear that real action is needed by police, by courts and by the government to stem the overwhelming tide of crime against retailers and their staff. Everyone deserves to feel safe at work and for their businesses to be protected against criminals.

“Fed members are also sending a clear message that one of the catalysts for verbal and physical abuse in stores is asking for proof of age before selling an age restricted product. If the government presses ahead with its plans to phase out smoking and vaping through a progressive ban to gradually end the sale of tobacco products across the country, independent retailers will be subject to even greater levels of violence, abuse and theft.”

Calling for action from the government and not just words, Mr Razzaq continued: “Without effective deterrent, criminals and opportunistic members of the public will continue to commit crimes.”

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