M&S has announced plans to double food sales as part of its long-term ambitions for the next phase of the retailer’s growth.

The supermarket retailer has a goal of reaching mid-to-high single-digit sales growth over the medium-term, with a priority of a profit increase ahead of sales.

M&S plans to double the Food sales, building on the current momentum in the segment, having increased annual sales by over 50 per cent since FY22.

According to the business, the food segment has continued to gain market share and delivered an operating margin of approximately 5 per cent.

The supermarket retailer has made ongoing investments across its own-label food lines and worked on expanding its grocery store estate.

M&S plans to achieve its financial goals by maintaining a focus on developing strong margins which will be backed by increased cost reduction.

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The supermarket retailer has a cost reduction target of £600m by FY28, and the investments will be used to fund the next stage of savings.

Additionally, M&S announced plans to increase online activity in the Fashion, Home & Beauty department to 50 per cent with 180 stores.

The supermarket retailer also plans to expand its global presence and increase its international footprint across markets.

This announcement comes after the business posted strong first half results, crediting a surge in food sales.

Stuart Machin, CEO of M&S said in a statement at the time: “Our Food business is ahead, delivering double-digit volume growth in a flat market, and we have momentum as the UK’s fastest-growing grocer.

“One and a half million more customers are shopping with us, and our continued focus on quality, innovation and value is appealing to more families, as we become more of a shopping list retailer.”