The 140-year old retailer, one of the biggest names in British business, also said on Wednesday it was confident of further progress in its new financial year.

After two decades of failed turnaround efforts, M&S, under CEO Stuart Machin, is finally reaping the rewards of an expensive investment programme to improve the quality and value of its clothing and food, upgrade its technology and e-commerce operations, and radically overhaul its store estate.

It made profit before tax and adjusting items of £716.4 million (US$913 million) in the year to March 30 – ahead of analysts’ forecasts which ranged £665-705 million and the £453.3 million made in 2022/23.

Sales rose 9.4% to £13.1 billion, with food sales up 13.0% and clothing and home sales up 5.3%.

“Given our track record of delivering volume growth, market share and free cash flow we are confident that we will make further progress in 2024/25 and beyond,” M&S said.