The retailer reported that pretax profits rose by 21 percent to 476 million pounds in the year to April 1 thanks to apparel.
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Marks & Spencer has been doubling down on the denim market. The report said their denim market share grew by 13 percent, up from 10 percent from two years ago.
Sales at the business increased by 9.6 percent to 12 billion pounds. The news sent shares up almost by 12 percent for the publicly listed company.
The apparel numbers held their own. Marks & Spencer sold 1.6 million pairs of their 22.50 pounds jeans; men’s crewneck T-shirts and polo shirts were two of the bestselling lines with 2.7 million and 800,000 sold, respectively.
Other bestsellers were pajamas, which sold 2.1 million pairs; 8,000 of quilted jackets; 257,000 of hoodies; 38,000 of trenchcoats, and 91,000 pairs of wide-leg jeans.
“We have also acquired a minority stake in Nobody’s Child Limited, an exciting eco-conscious, affordable fashion brand, and have become the majority owner (with a route to 100 percent ownership) of The Sports Edit Limited, an activewear platform with proven capability in brand curation and emerging brand identification,” said Archie Norman, chairman of Marks & Spencer.
The report also laid out the company’s action plans, one of which is to “agree strategies for sustainability focus areas, including on community, circular fashion and low-impact farming.”
The numbers exceeded expectations for the business. Last year the retailer warned investors that 2023 would be challenging for retailers, with the cost-of-living crisis eroding demand and only the leanest operators able to survive.
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