While M&S continues to be the turnaround champion of UK retail, especially in fashion, its bosses are warning against complacency and that the business is still a work-in-progress.

“We have a plan but it’s a high wire act and we have got to keep both feet on the wire,” chair Archie Norman has told the Guardian newspaper.

Having recorded a stellar year, gaining promotion to the FTSE100 index, seeing its share price jump 40%, and recording gains in market share in both clothing and food, Norman said he’s still not satisfied with the performance.

Ahead of the group’s Christmas trading statement on Thursday (9 January), Norman said: “We have a lot more to do. Four years of decent results and people may think job done, but in fact there is long way to go.”

The success comes after M&S has significantly reworked its womenswear offer, underpinned by the introduction of its ‘Brands at M&S’ initiative that now numbers over 100 labels. Just last week, the retailer noted the average age of its new customers has accordingly “fallen significantly”.

M&S said it has increased its clothing market share to more than 10% and has had to buy in more smaller-sized womenswear and lingerie as consumers in their 30s and 40s return to the brand.

M&S is also in the process of revamping its beauty and childrenswear offer, rebuilding its homewares ranges, and embarking on a return to international trading.
“We think keeping the spirit of the turnaround is essential because it takes a long time to irreversibly change a business,” said Norman, who has been chair now for seven years.

M&S is expected to make pre-tax profits of about £840 million in its current financial year, its best result in more than a decade, underpinned by strong seasonal food sales for the last quarter of 2024, However, analysts expected more modest clothing and home sales growth of just 0.7%.