Marks and Spencer (M&S) has revealed the food arm of the business “outperformed” over the Christmas period, as it reported “strong growth” across the company.
In the 13 weeks to December 2022, the retailer saw a 10.2% rise in food sales, with like-for-like sales increasing by 6.3%.
According to the M&S, it “outperformed” the market in both value and volume as it claims it invested in quality and trusted value. However, the retailer added that its “Remarksable Value” offer also performed strongly, reporting a better-than-expected increase in like-for-like food sales of 6.3%.
M&S also generated its “largest ever” Christmas sales of over £80 million on 23 December, supported by improved availability of Christmas staples, such as turkey’s, where it said it held onto its leading market share for the third year running.
”M&S Food outperformed the market on volume and value in the critical four-week Christmas period for the second year running and reached its highest ever recorded market share, M&S chief executive Stuart Machin said.
“This outperformance was driven by M&S doing what it does best; exceptional product at value you can trust. Thanks to our unrivalled quality, innovation and growing style credentials, more customers shopped with M&S over the Christmas period than in recent years. I would like to thank all our colleagues for the fantastic service they delivered.”
Machin added: ”Given the inflationary pressures impacting our customers and our business, M&S is taking action to structurally reduce costs and reinforce our customer proposition.
“Our singular focus is on delivering the M&S Reshaped programme to drive growth and value creation as the UK’s leading omnichannel retailer. This performance across both our businesses provides confidence in delivering our full year results.”
However, M&S remained cautious as it claims there are “clear macro-economic headwinds ahead and underlying cost pressures”, but remained confident its full-year results will be in line with guidance.
