M&S Food shows growth in half year results
M&S has released its half year results for the period ending 28th September 2019. They show its food business’ like-for-like sales growth is up 0.9% driven by volume.
Food revenue increased 1.2% to £2.85bn from last year.
Steve Rowe, chief executive said: “Our transformation plan is now running at a pace and scale not seen before at Marks & Spencer. For the first time we are beginning to see the potential from the far reaching changes we are making. The Food business is outperforming the market. Our deal to create a joint venture with Ocado is complete and plans to transition to the M&S range are on track.”
The company’s 50% acquisition of Ocado Retail is complete and plans for M&S supply are reported to be progressing.
Melanie Smith, former strategy directory of M&S has been appointed CEO of Ocado Retail, supported by Lawrence Hene, as deputy CEO for a transitional period before he moves back into a senior role within the Ocado group.
However, M&S food gross margin decreased 0.2% to 31%. Investment in price and cost inflation was said to be largely offset by lower promotions and cost reductions.
To access the full results click here.