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Despite only just returning to the black, Kankiwala says the partnership is “absolutely on target” to increase its profits tenfold to £400m by 2027/28. Third-party brands Ruis’ plans for the department store also include growing its third-party brands across beauty, fashion, home and even hospitality.
It aims to continue its expansion into the convenience food sector and strengthen its position in the clothing market with innovative and fashionable product offerings. This marks a return to dividend payments after a suspension due to the pandemic, signalling a positive outlook for shareholders. M&S also announced a dividend of 9.8
It spent £39m on price cuts in the half to bolster its valueoffer and win back the customers it lost as shoppers sought cheaper groceries elsewhere amid the cost-of-living crisis. The lower prices were also joined by an enhanced product range, such as new partnerships with Ottolenghi and food health company Zoe.
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