British retailer Marks & Spencer (M&S) has reported a statutory revenue of £10.88bn ($13.68bm) for the financial year 2021/22 (FY22), up by 21.5% from the previous year.
For the 52 weeks to 2 April, the company’s sales before adjusting items grew by 21.6% to £10.90bn from the fiscal year 2020/21.
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M&S’ operating profit before adjusting items was up by 238.1% to £709m, compared with £209.7m last year.
The company’s profit before tax and adjusting items was £522.9m, up by 1,157.0% from the prior year.
M&S CEO Steve Rowe said: “When I took over the reins at M&S six years ago, I committed to tackling the underlying issues that had eroded the strength of the business and building the foundations for future growth.
“For me, what is important about these results is not just the restoration of profit and strong cash flow; it is that they demonstrate that M&S has fundamentally changed.
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By GlobalData“While there is much more to do, the business has moved beyond proving its relevance and has the opportunity for substantial future growth.”
M&S also revealed that it is fully exiting the Russian market, after suspending shipments to the country in March.
Rowe resigns as M&S CEO this month after six years in the role, having worked for the company for almost 40 years.
He will be succeeded by Stuart Machin, the current head of the company’s food business, who will be advised by Katie Bickerstaffe and Eoin Tonge.
Rowe said: “It has been my privilege to be the steward and shopkeeper of this fantastic business and extraordinary brand at such an important stage in its history.
“The changes we have delivered are down to the commitment and hard work of colleagues across the business, and I am delighted to hand the baton on to Stuart, Katie and Eoin to lead the next phase.”
