In September 2019, as Marks & Spencer fell out of the FTSE 100 for the first time, its then chief executive, Steve Rowe, described the retailer as having a “reputation for frumpiness”. Just six years later, thanks to clever campaigns, unexpected collaborations and a focus on catwalk-influenced pieces, the retailer has transformed itself into the go-to fashion destination for high street shoppers.
Annual results, released on Wednesday, showed a 22% rise in pre-tax profits in the year to 30 March. Overall sales were up 6% to £13.9bn with fashion and homeware increasing 3.5% to £4.2bn.
