Marks & Spencer, the British retailer, has reported a significant increase in like-for-like food sales in the first 19 weeks of 2023. The company stated that it has experienced continued growth in market share for both its food and clothing and home businesses during this period. Marks & Spencer also highlighted the progress it has made in its ongoing efforts to reshape the company.
In addition to the rise in food sales, Marks & Spencer has invested further in quality and value, reducing prices on over 80 ‘Remarksable Value’ product lines. The group’s operating margin has remained strong, driven by strong store performance and the implementation of its store rotation and renewal program.
While there are uncertainties surrounding the economic outlook, Marks & Spencer expects to see profit growth in the current year compared to the previous year. The company’s interim results for the 26 weeks ending September 30, 2023, will be published on November 8.
Marks & Spencer recently expanded its collaboration with agri-tech start-up AgriSound. The partnership now includes an additional 18 M&S Select farms across the UK. In 2022, the retailer launched two in-field sensor trials aimed at supporting pollinators such as bumblebees and increasing crop yields. AgriSound’s Polly technology enables farmers to monitor the number of pollinators visiting their farms in real-time, allowing them to implement targeted interventions to improve crop quality, yield, and environmental impact.
This collaboration reflects Marks & Spencer’s commitment to sustainable and environmentally friendly farming practices. By supporting pollinators and improving crop yields, the company aims to contribute to the preservation of biodiversity and the health of the wider environment.