London · Delayed Price · Currency is GBP · Price in GBX Marks and Spencer Group Earnings Call Transcripts
Fiscal Year 2026
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Group sales rose 22% year-over-year, mainly from Ocado Retail consolidation, while food sales grew 7.8% and fashion, home, and beauty declined 16.4%. Profit is expected at least in line with last year as recovery continues, with significant investment in stores, supply chain, and digital transformation.
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A major cyber incident drove a sharp profit decline and operational disruption, but robust food sales, cost savings, and insurance proceeds helped offset the impact. Recovery is progressing, with full restoration and profit at least in line with last year expected by year-end.
Fiscal Year 2025
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The strategy remains focused on doubling food and online fashion, home, and beauty sales, with accelerated investment in supply chain, digital, and store expansion. Cost reduction targets have increased, and capital allocation is disciplined, supporting growth and shareholder returns.
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Strong financial growth was reported, with significant progress in food and fashion, but a major cyber incident impacted online operations and accelerated tech investment. Shareholders raised concerns on dividends, pay, store closures, and sustainability, all addressed in detail.
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Achieved strong annual growth in sales, profits, and cash flow, with food and fashion, home, and beauty outperforming the market. A cyber incident post-year-end caused short-term disruption, but recovery is underway and technology investment is being accelerated.
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Sales grew 6.1% to £13.9bn and profit before tax rose 22% to £875.5m, with strong cash flow and ROIC. A major cyber incident is expected to impact operating profit by £300m, but recovery is underway and investment in transformation continues.
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Profit before tax and adjusting items rose 17% to £407.8m, driven by strong food and clothing sales, improved margins, and cost savings. Digital transformation and store renewals are progressing, with further growth opportunities ahead.
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Sales and profit rose strongly in the first half, led by Food and Clothing & Home, while International lagged. Investments in stores, digital, and supply chain are driving returns, with further progress expected in H2.
Fiscal Year 2024
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Transformation is driving sustainable growth, with strong progress in product quality, store renewal, and digital modernization. Capital is being allocated to high-return investments, while ongoing supply chain and technology upgrades support future growth and margin improvement.
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Sales and profit growth were driven by strong own-label positioning, disciplined cost management, and operational transformation. Strategic priorities focus on market share gains, digital investment, and international expansion, with sustainability and cultural change embedded in execution.