Our year in review 2024

Awareness of gut health is continuing to grow, and customers are on the hunt for products that support better digestive function. In January, searches for ‘gut health’ were up 247% on Ocado.com compared to 2021 and gut health was named as a top food trend by Kantar in 2023. In response to growing demand, M&S leveraged expertise in product development, quality and innovation, to embark on a collaboration with leading nutrition-science company ZOE – the company’s first retail partnership. The result of this year-long product development journey was the launch of the M&S Food x ZOE Gut Shot which is packed with over five billion live cultures from 14 strains of friendly bacteria, high in fibre and a source of calcium. The revolutionary new product, which combines the best of science, taste and innovation to offer customers a convenient way to improve their gut health, is proving a hit with customers, with 1.1m gut shots sold in the three months from launch.

1.1m gut shots sold in the three months from launch

At M&S, we are committed to trusted value. That means giving customers confidence in a great everyday price but more importantly, reassuring them that we will never compromise on the quality and standards they expect. This year, we are celebrating 25 years of our milk pledge. It was introduced as a commitment to pay farmers a transparent and market-leading price, taking into account the costs of production and recognising the hard work and dedication of our farmers to meet our higher welfare, RSPCA Assured standards. M&S is the only retailer to sell 100% RSPCA Assured milk.

Our collaborative and supportive approach ensures our 40 M&S Select dedicated milk pool farmers across the UK have the confidence to invest in their businesses and meet

the higher welfare standards we expect. We were the first retailer to offer ‘best before’ labelling on fully recyclable milk bottles, following the removal of coloured plastic caps, helping customers to tackle food waste and play their part in a circular economy – two key areas where customers want to make an impact.

100% RSPCA Assured milk

40 M&S Select dedicated milk pool farmers across the UK

We are number one in the market for womenswear denim. In fact, one in every five women who bought a pair of jeans in the past year, bought a pair from M&S, and we sold ten pairs every minute.

Over the year, our market share has grown by 4%, driven by the introduction of more fits and trend-led styles, including wide leg, cargo, crease front flare and carrot. The resurgence of the flare and wide leg trend has led to the fit accounting for 15% of jean sales this year vs 10% in 2022/23. To respond to demand, we broadened our range of wide leg options by 50%, including the on-trend, super wide-leg fit Palazzo Jeans (£45), selling over 10,000 pairs since launching in Q4.

We didn’t stop at jeans either. Over the year we elevated our denim collection with shirts, jackets and shackets, as well as denim skirts and shorts which have been a huge hit with customers, with more than 1.7m units sold this year – a 53% increase vs 2022/23.

Not only do we deliver on denim for our customers, but we also make and source it in a way that’s good for the planet. The cotton in our denim is 100% responsibly sourced, we use technology to reduce water in production and replace the use of chemicals with laser technology to create different washes.

4% growth in market share for denim

10 pairs of jeans sold every minute

The strategy for last summer’s womenswear collection focused on trend-inspired pieces and wardrobe essentials that offer the versatility to be dressed up or down for multiple events, underpinned by great style and exceptional quality, at a great price.

We continued to invest in value, with strong opening price points across summer essentials, including beach dresses from £15, better cotton tees from £6.50 and swimsuits from £15. By leveraging near-shore supply routes, we were also quicker to respond to emerging trends, like summer knits which were a big hit with customers and thanks to improved supply routes, we were able to respond with 50,000 products sold across crochet dresses, vests and cardigans.

Another standout growth category was swim with sales +21% vs the previous summer.

Key styles our customers loved included our tummy control swimsuits, where we sold 350,000 units. As a result, we restored our number one market share position in womenswear during the summer months for the first time in four years. Our Spring/Summer marketing campaigns also helped increase style perceptions by +7ppts over the period.

21% increase in sales of swimwear vs 2022/23

+7PPTS increase in style perceptions of M&S across a two-year period (April 2022- April 2024)