UK retailer Marks & Spencer (M&S) has reported its full year results for the 52 weeks ended 29th March 2025, with its pre-tax profit up 22.2% on the year.
Profit before tax and adjusting items was up 22.2% at £875.5 million (2023/24: £716.4 million), which M&S said was its highest in more than 15 years. Its adjusted operating profit was £484.1 million, up from the 2023/24 result of £388.4 million.
However, M&S profits after tax were £291.9 million, down from the 2023/24 figure of £425.2 million, a 31.3% decrease.
Food sales increased by 8.7% to reach £9 billion, and the retailer reported food volume and value share growth. It said that like-for-like sales were up 8.6% in 2024/25.
M&S reported a “very strong” balance sheet as it achieved £443.3 million free cash flow from its operations and £437.8 million net funds (excluding lease liabilities).
Stuart Machin, M&S chief executive, commented: “Three years ago, we introduced our Reshaping M&S for Growth plan with the objective of protecting the magic of M&S and modernising the rest. Executing that strategy has delivered a third consecutive year of growth in sales and market share, profit and improving return on capital. Disciplined capital allocation and a much stronger balance sheet have put M&S on a robust financial footing, increasing resilience and creating capacity for future growth. M&S has net funds of over £400 million and we are in our best financial health for nearly 30 years.
“Our Food business had another strong year as more customers chose to fill their trolleys with M&S food, more often. Our continuous investment in quality, value and innovation is paying off. We’ve outperformed the market over the past three years and I’m confident we will continue the momentum and grow a bigger, fresher Food business.”
“We started the new financial year as we finished the last, with sales growth ahead of budget across both businesses.”
Machin continued: “Overall, last year was another year of strong performance, and there are so many opportunities still ahead of us. As outlined at last year’s Capital Markets Day, we will continue our plan to invest in our key growth areas: Store rotation, supply chain and technology.
“We started the new financial year as we finished the last, with sales growth ahead of budget across both businesses. Over the last few weeks, we have been managing a highly sophisticated and targeted cyber-attack, which has led to a limited period of disruption. We have tackled this head on with incredible spirit, teamwork and deep sense of responsibility as we prioritised serving our customers.
“It has been challenging, but it is a moment in time, and we are now focused on recovery, with the aim of exiting this period a much stronger business. There is no change to our strategy and our longer-term plans to reshape M&S for growth and, if anything, the incident allows us to accelerate the pace of change as we draw a line and move on.
“Over the last 140 years, M&S has overcome many challenges – testament to the longevity of this brand. This incident is a bump in the road, and we will come out of this in better shape, and continue our plan to reshape M&S for customers, colleagues and shareholders.
“I would like to thank all of our colleagues and supplier partners for their hard work and dedication and, importantly thank our customers. They have been unwavering in their support, and we are incredibly grateful for their patience and trust in M&S.”
