M&S grows online business

Food to fashion retailer Marks & Spencer has increased its online sales by 63 per cent in the 52 weeks ended 29 March.

The growth was driven by an expanded range on the site since the relaunch of the site in March 2007. This expansion includes made-to-measure shirts, extra-large and extra-small clothing sizes, flowers, wine and electricals.

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M&S claims to have the widest range of clothing and home products of any retailer online in the UK. It also claims to be the largest non-specialist online retailer of flowers in the UK with around a third of the market.

The retailer forecast that it would reach its goal of £500m in online sales by 2010. As well as growth in sales, M&S online business recorded a growth in share of total sales from 4.2 per cent to 6.2 per cent, up 200 base points.

Total sales for the period in the UK reached £9.022bn, with profit before tax at £1.129bn. In a statement, M&S CEO Stuart Rose said: "Our Direct business had an excellent year.

"We believe there is a real opportunity to expand our business in the UK and abroad, to stretch the brand into new product areas and to develop our Direct business. Capital expenditure is planned at £800 to £900m this year, demonstrating our confidence in the long term future of our business."