M&S CEO Stuart Machin has claimed the supermarket should have already “overtaken” Waitrose, following its recent profits surge.

The retailer’s profits jumped 41% to £673m to 30 March, driven by a 13% jump in food sales to £8.2bn. Adjusted operating profit surged 59% to £395.3m in its food division.

Machin told The Telegraph, the CEO said: “You could argue we should have overtaken [Waitrose] already. I might even be arguing that internally here.”

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Machin also insisted that despite having “good faith conversations” with Ocado over the final contingency payout for its joint venture, that “payments are not required”.

M&S was due to pay Ocado the payment of £190.7m by August, dependent on the grocer’s performance against an undisclosed target in the year to November 2023. However, that target was not met.

Ocado boss Tim Steiner said that M&S is wrongly withholding performance payments and has threatened legal action.

However, Machin said: “We take all the advice we need to take, and I’m pretty clear, we’re all pretty clear that the number was not achieved and therefore payments are not required.

“We do have a responsibility to have good faith discussions. And we are having those.”