Marks and Spencer Group (M&S) is a leading British retailer of food, clothing, and homeware. The company through its subsidiary M&S Bank offers banking and financial services while M&S Energy provides fully renewable energy services. Through its 1,487 stores and 98 websites worldwide, it serves over 30 million customers each year across its stores, support centers, warehouses, and supply chain.
As of FY2022, M&S had 1,487 stores spread across the world. It shut down a net of 22 stores in FY2022 as part of its transformation. It had closed down 68 legacy full-line stores and 19 smaller Food stores. According to the latest review issued by the company on 2 April 2022, the total closure program now consists of 204 stores, 100 of which have already closed. The company has also created a bigger Food store format which can serve more of the family shop and offer click-and-collect services for Clothing & Home and opened 13 new full-line stores. The closure of a net of 10 stores in FY2021 was also a part of its transformation and modernization process.
The Group’s sales increased 7.1% in FY2022 compared to FY2021 YoY. This was driven by Food sales up by 10.1%, Clothing & Home sales up by 3.8%, and International sales down by 0.8%.
The online sales remained robust in FY2022 despite the third lockdown. Online traffic through the app was up over 200% compared to FY2021 YoY following the relaunch of Sparks in July 2020, which helped to drive the increase in active customers.
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