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Profit before tax and adjusting items of £716.4m (2022/23: £453.3m1).
· Statutory profit before tax of £672.5m (2022/23: £475.7m).
· Food sales up 13.0%; adjusted operating profit £395.3m (2022/23: £248.0m) and margin of 4.8%.
· Clothing & Home sales up 5.3%; adjusted operating profit £402.8m (2022/23: £323.8m) and margin of 10.3%.
· Ocado Retail JV; share of adjusted loss £37.3m (2022/23: £29.5m).
· International (exc. ROI) constant currency sales down 1%, adjusted operating profit £47.7m (2022/23: £67.9m).
· Adjusted return on capital employed 14.1% (2022/23: 10.6%).
3p
LONDON, May 22 (Reuters) - British retailer Marks & Spencer reported a 58% rise in annual profit, ahead of market expectations, as its strategy to re-shape the business delivered strong sales growth in both its food and clothing divisions.
Stunning update except for only 2p final div. If we are doing so well why not ramp that up
Beautiful. Great update. Well don't LTHs
Fantastic results!
Its all very bullish!
M&S are sure on a roll!
MKS remains and will remain a solid hold as it has from around the 100p mark.
This is defiantly a share for capital growth and future income from dividends.
Cash flow fantastic, Ocado JV disastrous.
I did say I was cautiously optimistic last nigh and these results show I was correct to be - simply stunning - Clothing & Home sales up 5.3%; adjusted operating profit £402.8m (2022/23: £323.8m) and margin of 10.3% - to increase margin is a bonus - should go well north this morning - lets see
gla dyor etc
Ocado JV is not nearly as disastrous as it looks - don't forget M&S make profit on their own branded products sold via Ocado and it allows them to get better discounts from suppliers re economies of scale as product volume builds.
In contrast look at what has happened to Waitrose since they parted with Ocado - its probably the main reason why M&S is pounding Waitrose and JLP now.
Make some money. Very long term holders are still massively down. Good to see sustained recovery after so many false dawns but remember they first hit profits of £1 billion over 25 years ago.
BOOOOOOOOOM!
Yep Boom indeed , just sold the lot 293 very happy bunny .
Momentum is a very powerful thing in retail - MKS has it now and it is playing out in front of your eyes - retailers like Next are now LOSING market share to MKS on the clothing front and Waitrose are being decimated by MKS on the food front - personally I am selling nothing here - this will go way above 3 quid imo - lets see
gla dyor etc
3 quid may even go today - but if not I fully expect it to be breached within the next week, barring any extraordinary adverse macro/micro activity
gla dyor etc
Even out done Mr Kipling with these exceedingly great results. What is the correct term for being ahead of ahead of expectations, I think Carrington has it with BOOOOOM. 2p divi showing we're still investing in the future?
Well done all and good luck for the future.
Each to their own, but personally I would never sell my entire holding on a rising trend like this. I sold less than 10% this morning, still holding 50k shares tightly.
298 just paid
Now 299
Some profit taking holding back 3.00
£350-400p based on new P/E forward may take a short wait but it will come. Dyor
Brilliant results and balance sheet ready for an acquisition to help continued revenue growth step change
Would see closer to 3.50 within 12 months, maybe slightly higher if dividend improved and then onto 4.00 if Ocado Retail becomes profitable.