Marks & Spencer (M&S) has emerged as a top performer during the 2024 Christmas trading period, with a better-than-anticipated 8.9% increase in like-for-like food sales and a 1.9% rise in

clothing, home, and beauty sales. These results solidified its position as one of the best-performing retailers on the high street.

Known for its premium food offerings, M&S reported significant growth in both sales and market share during the festive season, making it the leading store-based grocery retailer over Christmas. In comparison, Tesco, the UK’s largest food retailer, recorded a 4.1% increase in underlying sales during the same period.

Chief Executive Stuart Machin attributed the strong holiday performance to the momentum built throughout the year. "We broke sales records across the business," Machin said on Thursday. "Food had its biggest trading day, while online sales for Clothing, Home, and Beauty saw their highest-performing week. But we are not resting on our laurels—our goal as a growth-driven business is to keep setting new records."

For the 13 weeks ending December 28, analysts had predicted a 7.8% increase in food sales and a 0.7% rise in clothing and home sales, according to company-compiled estimates. Despite the positive results, home sales faced a slight setback due to the previous year’s closure of M&S’s furniture division, which analysts estimate dragged results by about two percentage points.

Over the past year, M&S shares have surged 31%, reaching an eight-year peak of 415 pence in November, as confidence in the retailer’s turnaround strategy grew. However, Machin cautioned that challenges remain, highlighting ongoing economic pressures and rising costs. He emphasized that while external factors are difficult to control, the company is focusing on what it can manage internally.

In November, M&S projected a £120 million ($148 million) increase in costs, driven by higher taxes and wage pressures from April onward. Photo by Jaidwioob MAKSEIA, Wikimedia commons.