Skip to content
Search
AI Powered
Latest Stories

M&S profits soar, announces first dividend in four years

M&S profits soar, announces first dividend in four years
A general view of the exterior of the branch of retailer Marks and Spencer at Westfield White City in London, England. (Photo by Leon Neal/Getty Images)
Getty Images

Marks & Spencer on Wednesday posted surging half-year net profits and a first dividend since before Covid.

Profit after tax surged by a quarter to £208 million in the 26 weeks to the end of September year-on-year, the clothing-to-food retailer said in a statement.


Revenue jumped almost 11 per cent to £6.1 billion amid intense competition, as retailers battle for consumers' cash amid a cost-of-living crisis sparked by elevated inflation.

News of the first shareholder payout in four years, at one pence per share, pushed M&S stock up 10.1 perc ent to 247.90 pence in late morning deals on London's top-tier FTSE 100 index, which was flat overall.

"Our strategy to reshape M&S for growth has delivered strong results in the first half," said chief executive Stuart Machin.

"We have maintained our relentless focus on trusted value, giving our customers exceptional quality product at the best possible price."

M&S anticipated "good" trading in the upcoming peak-demand Christmas and New Year period, noting customers were "already responding positively" to festive products.

However, the retail giant warned over the "uncertain" economic backdrop, noting the impacts of high interest rates, potential deflation, geopolitical events and erratic weather conditions.

The group is still implementing a cost-cutting overhaul that was partly prompted by sector-wide fallout from the Covid pandemic.

M&S said its cost reduction drive was "on track" and delivered more than £100m in savings in the first half, which should climb to £150m over the year.

"M&S continues its transformation at speed," said Richard Hunter, head of markets at online trading firm Interactive Investor.

"The amount of the dividend is nominal, but nonetheless is a statement of management confidence and reflects the improving health of the entire business."

More for you

Budget 2024: Local shops to face significant new pressure

(Photo by JUSTIN TALLIS/AFP via Getty Images)

(Photo by JUSTIN TALLIS/AFP via Getty Images)

Budget 2024: Local shops to face significant new pressure

Local shops will face significant new pressures as a result of today’s Budget, the Association of Convenience Stores (ACS) has warned.

Chancellor Rachel Reeves' budget's impact will be felt unevenly across the UK’s 50,000 convenience stores, with some measures such as business rate relief and the increased employment allowance mitigating costs for smaller independent stores, while providing no help for chains and larger independent businesses.

Keep ReadingShow less
Post Office cash deposits and withdrawals
Post Office, DPD partners to rollout ‘Click and Collect’ services
Post Office, DPD partners to rollout ‘Click and Collect’ services

Parliament to launch inquiry into Post Office Horizon scandal compensation delays

Parliament is to launch an inquiry into delays in compensation settlements for sub postmasters affected by the Horizon scandal.

The newly-formed Business and Trade Select Committee will call ministers, subpostmasters and their lawyers to give evidence next week with a second session to follow in mid-November. The Committee’s chair, Liam Byrne MP told ITV News that there was “definitely a delay” in people coming forward for payment.

Keep ReadingShow less
Bacup Wine and Convenience shop, 34 Burnley Road, Bacup.

Bacup Wine and Convenience shop, 34 Burnley Road, Bacup.

Robbie MacDonald via LDRS

Shop’s licence bid rejected over illegal vapes and ‘no regard’ for children’s safety

A Rossendale shop has had a licence bid rejected after repeatedly selling vapes to children and having illegal products on its premises.

Management at the Ibra Superstore at 34 Burnley Road, Bacup, have shown ‘no regard’ for children’s protection and safety, and have insufficient controls for licensing, Rossendale councillors have ruled.

Keep ReadingShow less
SPAR retailer hits target to secure £100,000 free stock from James Hall

SPAR retailer hits target to secure £100,000 free stock from James Hall

SPAR North of England retailer Dara Singh Randhawa’s family store has been awarded £100,000 of free stock after hitting all his targets since moving to the symbol.

Dara and his family, who have their SPAR store in Patrington in the East Riding of Yorkshire, joined SPAR through its association with James Hall & Co. Ltd in August 2023 having taken the decision to maximise the store’s potential.

Keep ReadingShow less
Pound Sterling bank notes
iStock

National Living Wage to increase to £12.21 in April 2025

The government has on Wednesday announced its acceptance of the Low Pay Commission’s (LPC) recommendations on the rates of the National Minimum Wage (NMW), including the National Living Wage (NLW).

The rates which will apply from 1 April 2025 are as follows:

Keep ReadingShow less