M&S should have already overtaken Waitrose, says CEO

Profits at M&S rocketed to £672.5m, up from £475.7m in April 2023, alongside sales rises across its fashion and grocery divisions. 

Machin told The Telegraph: “You could argue we should have overtaken [Waitrose] already. I might even be arguing that internally here.

“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.”

Machin also said he wanted to focus on “a bit more selling and serving” in the months ahead.

“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.

He also flagged the retailer’s online growth opportunity.

“We want customers to shop in a more digital way; we want the app to be easier,” he said. “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.”