Marks Electrical is online retailer selling household appliances including fridges, freezers, washing machines, TVs and dishwashers. It was established in 1987 and is known for its competitive prices. Retail Week provides news, analysis, features and opinion about Marks Electrical and the electricals sector.
Moving ahead of the £100m mark for the first time, Marks Electrical’s hailed a 16.9% uptick in group sales to £114.3m in the year to 31 March 2024. Statutory pre-tax profit slumped to £0.6m in FY2023, compared to £6.4m in FY2022, bringing pre-tax profit margin down to 0.5% from 6.5% the year before. The retailer noted strong trading in April, May and June, with double-digit revenue growth and momentum picking up following the weaker January to March trading period with its performance giving it optimism for the year ahead.
Marks Electrical has posted a dip in half-yearly profits despite a growth in sales as consumers traded down to non-premium products, reducing profit margins.
Marks Electrical profits have slumped even while sales increased in what its CEO described as a “challenging but rewarding year” for the retailer.
As three big names in the electricals sector post their full-year results, Retail Week takes a look at the themes driving success in a once floundering market.
Marks Electrical has said it is “very well positioned” for an electronics market recovery as sales jumped and its profits met expectations.
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