M&S Stock Up On Higher FY24 Results, Dividend, Outlook

RTTNews | Pred 365 dňami
M&S Stock Up On Higher FY24 Results, Dividend, Outlook

(RTTNews) - Shares of Marks and Spencer Group Plc or M&S were gaining more than 7 percent in the morning trading in London after the retail major reported Wednesday significantly higher profit and sales in its fiscal 2024. The company also announced a dividend, and said it is confident to make further progress in 2025 and beyond.

Stuart Machin, Chief Executive said, "Two years into our plan to Reshape for Growth we can see the beginnings of a new M&S. Food and Clothing & Home grew volume and value share ahead of the market and sales increased across stores and online.... However, there remains much work to do and that's a good thing as every challenge is an opportunity for growth."

Going ahead, the company noted that through the Reshaping M&S strategy, its focus continues to be on driving volume growth in Food and Clothing & Home to deliver the market share and margin objectives that were set at the Capital Markets Day.

The positive outlook ahead reflects the firm's track record of delivering volume growth, market share and free cash flow, it said.

Further, M&S said it is increasing the objective for cost reduction to 500 million pounds from 400 million pounds, to be delivered by 2027/28. This will support continued delivery of its target operating margins of over 4 percent in Food and over 10 percent in Clothing & Home.

A final dividend of 2 pence per share has been declared, resulting in a full year dividend of 3 pence. The final dividend is due to be paid on July 5 to shareholders on the register of members as at close of business on May 31. The company has not paid a dividend last year.

In fiscal 2024, profit before tax increased 41.4 percent to 672.5 million pounds from 475.7 million pounds last year. Earnings per share were 20.8 pence, up from prior year's 17.9 pence.

Profit before tax & adjusting items increased 58 percent to 716.4 million pounds from 453.3 million pounds, prior year. Adjusted earnings per share were 23.3 pence, compared to 16.4 pence a year earlier.

Adjusted operating pro?t grew 33.8 percent year-over-year to 838.6 million pounds.

For 52 weeks ended March 30, Group sales were 13.109 billion pounds, up 9.4 percent from last year's 11.988 billion pounds. This was driven by Food sales up 13.0 percent and Clothing & Home sales up 5.3 percent.

Statutory revenue was 13.040 billion pounds, an increase of 9.3 percent from 11.931 billion pounds a year ago.

On a like-for-like basis, Food sales grew 11.3 percent and Clothing & Home sales went up 5.2 percent.

Store sales increased 4.1 percent, with a good performance in shopping centre and retail park stores. Online sales growth was 7.8 percent. The company said growth accelerated in the second half, as the effectiveness of online marketing started to improve, particularly in womenswear.

In London, Marks and Spencer shares were trading at 294.30 pence, up 7.5 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

read more
Marks And Spencer Appoints Jeremy Townsend As Interim CFO

Marks And Spencer Appoints Jeremy Townsend As Interim CFO

Marks and Spencer Group Plc (MAKSY.PK, MAKSF.PK, MKS.L) announced Friday that Jeremy Townsend is joining the business as Interim Chief Financial Officer. Jeremy joins on Monday, on November 22, and will report to Chief Executive Officer Stuart Machin.
RTTNews | Pred 916 dňami
Marks & Spencer To Close 67 Stores While Opening 104 Food Stores Over Next 5 Years

Marks & Spencer To Close 67 Stores While Opening 104 Food Stores Over Next 5 Years

Marks & Spencer Group Plc (MAKSY.PK, MAKSF.PK, MKS.L) said Wednesday it will invest 200 million British pounds across the C&H and Food divisions over the next few years while reshaping for growth and value creation, according to an investor presentation made by Chief Executive Stuart Machin and Co-Chief Executive Katie Bickerstaffe.
RTTNews | Pred 953 dňami
Taiwan Stock Market May Extend Thursday's Losses

Taiwan Stock Market May Extend Thursday's Losses

The Taiwan stock market on Thursday snapped the two-day winning streak in which it had advanced more than 280 points or 1.3 percent. The Taiwan Stock Exchange now sits just above the 21,800-point plateau, although it's expected to open under pressure on Thursday.
RTTNews | Pred 6 minútami
Singapore Bourse Likely To Remain Rangebound

Singapore Bourse Likely To Remain Rangebound

The Singapore stock market on Thursday snapped the two-day winning streak in which it had risen just 6 points or 0.15 percent. The Straits Times Index now sits just above the 3,880-point plateau, and it may spin its wheels again on Friday.
RTTNews | Pred 36 minútami
New Zealand Retail Sales Rise 0.8% In Q1

New Zealand Retail Sales Rise 0.8% In Q1

The total volume of retail sales in New Zealand was up a seasonally adjusted 0.8 percent on quarter in the first quarter of 2025, Statistics New Zealand said on Friday.
RTTNews | Pred 47 minútami
Japan Nationwide Inflation Climbs 3.6% On Year In April

Japan Nationwide Inflation Climbs 3.6% On Year In April

Consumer prices in Japan were up 3.6 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday - in line with expectations and unchanged from the March reading.
RTTNews | Pred 55 minútami
No Help Yet For Malaysia Stock Market

No Help Yet For Malaysia Stock Market

The Malaysia stock market has finished lower in six straight sessions, giving up more than 55 points or 3.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,525-point plateau and it's expected to open under pressure again on Friday.
RTTNews | Pred 1 h 6 min
Losing Streak May Continue For Japan Stock Market

Losing Streak May Continue For Japan Stock Market

The Japanese stock market has moved lower in back-to-back sessions, dropping almost 550 points or 1.5 percent along the way. The Nikkei 225 now sits just beneath the 37,000-point plateau and it may extend its losses on Friday.
RTTNews | Pred 1 h 21 min