Marks and Spencer has revealed its ‘Remarksable’ range is making up nearly a quarter of the average food basket as the ongoing cost-of-living crisis continues to intensify.
According to the grocer, 23% of food baskets now include M&S’ own-brand range, as customers pick up cheaper alternatives for every day essentials. Some of these products include baked beans and white potatoes.
The range, which was first introduced in 2019, relaunched earlier this year to feature 140 essential items in line with the grocer’s strategy to grow its food arm of the business.
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“In both our businesses, we’ve been very focused on trusted value and investing in value because we know there has been a slight change to customers trading into those categories,” said M&S CEO Stuart Machin.
This comes as figures by Kantar revealed that grocery price inflation has hit a record 14.7%, adding a potential £682 to the average annual cost of a typical basket.
Machin’s comments follows M&S reporting a drop in profits in the first half of the year, with rising costs offsetting otherwise strong sales growth.
The high street giant – which recently announced it would be focusing on its Simply Food business and opening 104 new Food stores in the next five years – also warned of tougher trading ahead despite reporting “robust” sales across its food, clothing and home categories.
“Trading in the first half has been robust with both businesses growing ahead of the market, reflecting the beginnings of a reshaped M&S, ” Machin said.
“In Food, investment in trusted value has driven top-line growth but short-term profit has been reduced, although the acquisition of Gist gives us control of one of our biggest cost and efficiency levers.
