Sky's Ian King writes that while pressures outside of its control are intensifying, the business has finally achieved much in its efforts to become a more attractive, modern, and leaner, machine.
Pre-tax profits before adjustments in the six months to 1 October came in at £205.5m, down 24% on the same period last year, although much of that reflects unfavourable comparisons with the same period last year - when profits were flattered by £47.5m worth of business rates relief during the pandemic. Sales were up 8.8% at £5.6bn.
In clothing and home, for many years a misfiring part of the business, Mr Machin hailed what he called an outstanding performance. The downside to this, for some customers, is that they will see their local M&S close as the company seeks to 'rotate', in its words, towards stores capable of offering bigger, fresher, food ranges and a better click and collect service.
He said M&S might also outshine rivals during this period because its cost of business had been too high"for years" but were now coming down more rapidly than at some better"oiled" competitors. "Relative to others, M&S has material productivity opportunities to go after, which should help mitigate future inflationary pressure."
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