Product innovation has driven lingerie performance at M&S this year, with over 25 percent of its lingerie sales coming from new products, such as its new Nearly Naked range.
This is not the only way in which new technology is helping M&S to successfully keeping up with a rapidly developing market. Over the next two years, it is looking to focus on becoming an international multi-channel retailer.
M&S Direct sales were already up 31 percent for the year, according to the retailer’s final year results, published today, outperforming the online market growth of 20 percent. Site traffic also grew to over three million visits per week.
Total revenue for the retailer increased by 4.2 percent over the year, driven by growth in like-for-like sales in the UK and a good performance in M&S’ international business.
Clothing also saw 4.2 percent growth over the full year, despite a three percent drop in sales over the final quarter. Like-for-like UK sales of lingerie over the same period rose by 0.1 percent.
Total underlying profit for the company, before tax, was £714.4m, a 12.9 percent growth on the previous year.
Marks & Spencer chief executive Marc Bolland said:“Marks & Spencer had a good year with sales and profits ahead of last year. We traded well in a challenging environment, growing our market share in both Clothing and Food.
“We did this by offering customers great quality and value, and more choice through innovation."
He added: “In November. we set out our plan to grow M&S into a truly international, multi-channel retailer. We have made good early progress and are focused on both trading the business in the short term and on delivering against our long term targets.”