Marks & Spencer reshaped stores and supply chains into its best health since 1997

Marks & Spencer had spent years trying to revive a business split between food, clothing, stores, and online. In 2022 it set a Reshaping for Growth plan around store rotation, supply-chain modernization, trusted value, and a simpler clothing model.

The decision was to modernize the operating system, not merely refresh the brand. M&S renewed and relocated stores, integrated Gist into food logistics, reduced costs, tightened clothing ranges, and pushed M&S.com toward a larger role.

By 2023/24, statutory profit before tax was £672.5 million and profit before tax and adjusting items rose 58.0% to £716.4 million. Management said M&S was in its strongest financial health since 1997 and restored a full-year dividend.

2023/24 profit before tax rose to £672.5M; adjusted PBT rose 58% to £716.4M and dividends returned.

The plan attacked old stores and supply-chain costs that had constrained growth.

Food and Clothing & Home were managed as operating turnarounds with margin targets, not nostalgia assets.

Cost savings funded value, quality, colleague pay, and investment without sacrificing the balance sheet.

A tired retailer rarely revives through branding alone; format, supply chain, pricing, and stock discipline have to change together.

M&S reported twelve consecutive quarters of sales growth across Food and Clothing & Home, higher market share in both, and net funds excluding lease liabilities of £45.7 million. The retailer still had more work ahead, but the financial base had changed.