29th Sep 2024 12:11
(Alliance News) - Marks & Spencer Group PLC is looking to seize on a rise in online sales of fashion and homeware as it explores a deal for a new warehouse in the Midlands, the Telegraph reported Sunday.
The London-based retailer reportedly held talks over a "jumbo-sized" facility amid expectations that more of its sales will be online in future.
https://www.telegraph.co.uk/business/2024/09/29/marks-spencer-mega-midlands-warehouse-online-sales-boom/
Back in May, when the company reported its results for the financial year ended March 30, it said: "Online growth has increased, supported by better product and more effective marketing. Despite this, profitability is not yet market leading despite our scale advantage. There is much more to do to develop the online and M&S App experience and customer engagement, whilst growing partner brands."
In financial 2024, online sales had picked up 7.8% with the M&S App showing continued growth, accounting for 44% of online orders, up from 37% a year prior.
M&S shares had closed 0.5% higher at 376.00 pence each on Friday in London, giving it a market capitalisation of GBP7.71 billion.
By Tom Budszus, Alliance News slot editor
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