Marks & Spencer has confirmed that more than 9,200 shop employees will be awarded significant payouts as part of a share scheme.
The department store retailer announced that employees, the majority being customer service assistants, who place a typical £150 a month into the M&S share save scheme will gain more than £10,000 when it pays out on February 1.
This news comes after Marks & Spencer reported a jump in sales over Christmas with foods halls seeing a record number of consumers.
Overall, the retailer reported like-for-like sales rise by 9.9 per cent across its food arm, with comparable store sales being 4.8 per cent higher in its clothing and home division for the quarter to December 30.
Shoppers flocked to M&S over the festive period
Marks & Spencer
While some of the gains were driven by price inflation, M&S confirmed food sales by volume increased by around seven per cent and it hiked prices by less than the wider market.
Stuart Machin, Marks & Spencer’s chief executive, said: “We enter 2024 with a spring in our step, but clear eyed on the near-term challenges.”
Despite this increase in sales, the group added a note which encouraged stakeholders to be cautious in the New Year.
The retailer stated: “As we enter the new year and 2024-25, expectations for economic growth remain uncertain, with consumer and geopolitical risks.
“We also face additional cost increases from higher-than-anticipated wage and business rates-related cost inflation.
“Nevertheless, the strong Christmas trading performance provides confidence that the results for the year will be consistent with market expectations.”
Recently, Marks & Spencer has a enjoyed a resurgent performance on the stock market which has been bolstered by strong trading.
Last August, the group re-joined the FTSE 100 Index top tier of shares following a four-year hiatus due to larger share gains.
M&S employees are in line for a massive payout
MARKS & SPENCER/PA
Mr Machin confirmed the retail group plans to “up the pace” of its overhaul and continue with its changes to stores.
It will also be “doubling down” on measures to improve its supply chain and availability, as well as look to lower costs in 2024.
As it stands, M&S is targeting a one per cent increase in market share across both businesses.
Specifically, the company noted strong demand for its “Remarksable” food value over the festive season, with sales up by 18 per cent.
Furthermore, M&S stated store sales jumped by two per cent across its clothing and homeware range.
Online growth for the company rose by 10.9 per cent with Marks & Spencer reporting sales stock being down six per cent.
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