Marks & Spencer Group (MKS) Trading update summary

Executive summary

• Achieved record customer numbers during the Christmas period, with strong performance in Food and improving trends in Fashion, Home & Beauty.

• Continued progress in the 'Reshaping' strategy, focusing on value, innovation, and store transformation.

Financial highlights

• Group sales rose 24.2% year-over-year for the 13 weeks to 27 December 2025; excluding Ocado Retail, group sales increased 3.3%.

• Food sales grew 6.6% (LFL +5.6%), with UK volume up 2.3%.

• Fashion, Home & Beauty sales declined 2.5% (LFL -2.9%), with online growth offset by lower store sales.

• International sales increased 0.9% year-over-year.

• Ocado Retail sales up 13.7%, driven by 10.7% volume and 11.0% order growth.

Outlook and guidance

• Full-year guidance remains unchanged.

• Plans to accelerate the reshaping strategy in 2026, focusing on product innovation, value, store and online transformation, supply chain improvements, and cost reductions.