M&S Breaks Sales Records Despite Retail Challenges

Marks & Spencer (M&S) delivered outstanding results over the Christmas season, with significant growth in food sales making it the top performer among store-based grocery retailers. Despite a recent drop in shares, the company plans to address rising costs and maintain momentum into the new year.

Marks & Spencer's chief executive announced on Thursday a dedication to offset soaring costs and consumer caution in the upcoming months, even though the retailer posted its strongest performance on the UK high street during the vital Christmas season. M&S shares dropped 5% despite an impressive 8.9% boost in food sales.

This uplift secured M&S's position as the top store-based grocery retailer for Christmas, the most lucrative period of the year for the industry. Chief Executive Stuart Machin noted there was still room for the group to manage challenges facing retailers, such as increased taxes and wage expenses starting April.

M&S maintained strong trading dynamics from 2024 through Christmas, setting new sales records across various segments. "We're not complacent," Machin stated, emphasizing the company's focus on continued growth and record-breaking achievements in food, clothing, home, and beauty categories.

(With inputs from agencies.)