LONDON (dpa-AFX) - Marks and Spencer Group plc (MAKSY.PK, MAKSF.PK, MKS.L) reported Group profit before tax and adjusting items of 522.9 million pounds for the 52 weeks ended 2 April 2022, up 29.7% from the 52 weeks to 28 March 2020. The Group noted that the impact of Covid in 2020/21 renders comparisons to the prior year less meaningful. The profit increase was driven by adjusted operating profit growth in Clothing & Home and Food and the additional profit from the Ocado joint venture, offset by a reduction in International and M&S Bank operating profits. Adjusted basic earnings per share was 21.7 pence compared to 16.7 pence.
Group profit before tax was 391.7 million pounds compared to, 67.2 million pounds in 2019/20. Basic earnings per share was 15.7 pence compared to 1.3 pence.
Group sales before adjusting items was 10.91 billion pounds for the period. Sales increased 7.1% versus 2019/20, driven by Food sales up 10.1%, Clothing & Home sales up 3.8% and International sales down 0.8%. Statutory revenue was 10.88 billion pounds, an increase of 6.9% from 2019/20.
The Group noted that it did not pay a dividend for 2020/21, and the Board has decided not to pay a dividend in the current year.
Marks and Spencer said overall trading in the first six weeks of the financial year has been ahead of the comparable periods in 2021/22, including the period from April 12, 2021. The Group expects the impact of declining real incomes to sharpen in the second half and endure for at least the remainder of the financial year.
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