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Marks & Spencer: annual profit down 7.8%

( - Marks & Spencer today announced its FY results (year ended 1 April).

The company posted a profit before tax and adjustment items that fell 7.8% to £482m (vs. £523m in 2021/22). Statutory pre-tax profit stood at £475.7m (vs. £391.7m in 2021/22). (cp about 179p, +9.5%)

Clothing and home increased sales by 11.5% and 11.2%, food was up 8.7%, with LFL sales up 5.4% and international sales rising 11.2% at CER.

Our strategy to reshape M&S for growth has resulted in sustained business momentum, with both businesses continuing to grow sales and market share, management said.

Modest sales growth is expected for 2024, driven by omnichannel as well as the benefits of the accelerating shop rotation plan, it says.

Continued investment in quality and value will be partially offset by actions to mitigate supply cost pressures and reduce wastage and stock losses, the UK retailer added.

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