Home Business News More than 9,000 M&S shop workers to receive a whopping payout

More than 9,000 M&S shop workers to receive a whopping payout

by Amy Johnson LLB Finance Reporter
11th Jan 24 9:29 am

Marks & Spencer are set to give more than 9,200 shop workers are to receive a whopping pay out under the share scheme.

Workers who have put £150 a month into the 2020 share scheme will receive more than £10,000 when they are paid out on 1 February.

In the quarter to 30 December like-for-like sales across the food arm rose 9.9% and comparable store sales was 4.8% higher across the home division and clothing division.

Last August M&S joined the FTSE 100 Index following a four year hiatus amid large share gains.

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Store sales climbed 2% across the clothing and homeware and online sales hit 10.9%, they saw strong demand for the “Remarksable” food value range over the festive period and sales were up 18%.

Chief executive Stuart Machin said, “We enter 2024 with a spring in our step, but clear eyed on the near-term challenges.”

The group added, “As we enter the new year and 2024-25, expectations for economic growth remain uncertain, with consumer and geopolitical risks.

“We also face additional cost increases from higher-than-anticipated wage and business rates-related cost inflation.

“Nevertheless, the strong Christmas trading performance provides confidence that the results for the year will be consistent with market expectations.”

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