13 January 2022
The Weekly

Marks & Spencer’s efforts to tighten operations, curtail discounting and sell third-party clothing brands paid off in the fiscal third quarter, with group revenue rising 18.5% year-over-year to £3.27bn. Compared with the corresponding period two years ago, revenues were up 8.6%. The retailer’s once-embattled clothing and home division benefitted from fewer promotions, and a greater online offer. Revenue in the 13 weeks to Jan. 1, encompassing the holiday trading period, was 37.7% higher than the corresponding period last year, and 3.2% above 2019 levels. Marks & Spencer has also been making an effort to expand its offer to third-party brands on its ever-expanding fashion and beauty platform online. Food sales increased 12.4%, with retail parks and the smaller, Simply Food stand-alone stores continuing to outperform.