High interest rates were one of the biggest impacts on profits for most brands and retailers. In many cases it was the one factor that took an otherwise profitable company into a loss position.
SPECIALTY STORES
Marks & Spencer (UK) reported full year sales rose 9.4% to £13.1 billion ($16.7 billion)
Pre-tax profit rose 41% to £716.4 million ($912 million). Apparel and home furnishing sales rose 5.3%.
- A shift to everyday trusted value, with full price sales mix increasing from 63% to 81% since 2019/20.
- M&S shares have tripled in value in little over 18 months – taking the company back into the FTSE 100 in the process.
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