LONDON — Fashion is back in business at Marks & Spencer.
The retailer reported that pretax profits rose by 21 percent to 476 million kilos within the yr to April 1 due to apparel.
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 on the business increased by 9.6 percent to 12 billion kilos. The news sent shares up almost by 12 percent for the publicly listed company.
The apparel numbers held their very own. Marks & Spencer sold 1.6 million pairs of their 22.50 kilos 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’ve also acquired a minority stake in No one’s Child Limited, an exciting eco-conscious, inexpensive fashion brand, and have turn into the bulk owner (with a path to 100% 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 corporate’s motion plans, considered 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 yr the retailer warned investors that 2023 could be difficult for retailers, with the cost-of-living crisis eroding demand and only the leanest operators capable of survive.
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