// M&S CEO Stuart Machin says the retailer will use events across the year such as Easter and Valentine’s day to maintain strong food & clothing sales
// Machin admits that M&S customers are slightly more insulated up against these headwinds and are planning to celebrate across the year
M&S chief executive Stuart Machin is backing big events like Valentine’s Day and Mother’s Day to help drive sales momentum after a bumper Christmas.
The retailer posted record food sales and its highest clothing and home market share for seven years, despite increasing economic pressure on consumers amid the cost-of-living crisis.
Discussing the possibility of a sales slowdown post-Christmas, Machin said shoppers have told them there is “still lots they’re planning for” over the course of the year, with the focus being on big events.
From Valentine’s Day to Mother’s Day and Easter he said “there is opportunity across home but also food to maximise those events” to maintain its sales trajectory.
Machin said its strong performance over Christmas showed that “customers wanted to celebrate the best they could”.
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Machin admitted that its customers were “more insulated” against headwinds such as soaring inflation.
Despite this, customers are still seeking value and did so over Christmas. In food, M&S’ Remarksable Value range was up 27% on last year and featured in 20% of customer baskets, which Machin said showed that its customers wanted “competitive prices whilst not compromising on M&S quality”.
Machin said: “There’s no doubt that our entry price products did resonate with customers who were seeking out value.”
“I think the work we’ve done on quality and value in foods is paying off. The work we’ve done on style is paying off. So there’s no doubt we our customers are resonated with better quality and better value.”
“I think customers can trust us every day. And that gives us some confidence for the next quarter.”
Machin also pointed out that it has a market-leading position in less discretionary categories such as kidswear, schoolwear, and bras that should help it drive sales.
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