M&S chief executive Stuart Machin is “hopeful” that the retailer’s international performance will improve with the introduction of new leadership.
During the retailer’s annual general meeting this week, shareholders questioned the boss over its “poor” international performance this year and asked what could be done to realise the potential of the overseas business.
Machin admitted: ” We haven’t achieved the growth we want but I am hopeful we will change that in the medium/longer term as we introduce new leadership and with our experienced international partners.”
The chief executive’s comments come amid the appointment of Mark Lemming as M&S new managing director of international in January.
M&S’ recent full-year results revealed that, despite the retailer’s soaring profits, its overseas arm was undergoing a reset after it reported its transformation in its international business had “not made as much progress as our UK business”.
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M&S international sales in the full year 2023-2024 experienced a dip of 1% in constant currency, representing an adjusted operating profit £47.7m – down from £67.9m the prior year.
The British retailer said it was “resetting priorities in international”. It said: “Over time, we plan to leverage our UK business and trusted brand to increase global reach through capital light partnerships and a multi-platform online business.
Elsewhere the high street retailer revealed it was introducing two new flagships in Bristol and Bath, as it reassured shareholders that it was not “abandoning the city completely”.
Machin added: “Our store rotation strategy is all about making sure we showcase the very best of M&S – and that touch of M&S magic – from stores which excite and inspire.
“We’ve seen great results so far where we have relocated stores, in city centres and I’m delighted with this new £38m investment in the great cities of Bristol and Bath.”
