M&S boss Stuart Machin has claimed the supermarket should have already “overtaken” Waitrose, following its recent bumper profits.
The retailer’s latest annual financial results revealed profits had jumped 41% to £673m, while sales had risen across both its fashion and food departments.
Speaking to The Telegraph, the CEO said: “You could argue we should have overtaken [Waitrose] already. I might even be arguing that internally here.”
Despite its recent success, Machin notes: “I think in the past we have fallen into the trap. That’s why I do get a bit anxious. We’re on track. But it doesn’t mean we’re done. It doesn’t mean everything is great.”
Looking ahead, the M&S CEO said he wants the retailer to focus more on service in the next 12 to 18 months. “A bit more selling and serving,” he said.
“When we have people helping customers with their suits our sales triple. So I think there’s a lot for us to do on that,” he said.
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The exec also claimed M&S had a “bigger growth opportunity online”.
He said: “We want customers to shop in a more digital way, we want the app to be easier. We want it to be more interactive.
“I stand in stores on a Saturday looking at customers shopping, in womenswear, in denim, and not sure what to buy. People need help. Our size guide isn’t good enough.”
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