Marks & Spencer to hand over 9,200 workers bumper share payouts as festive sales surge

Marks & Spencer has said more than 9,200 shop workers are set to get bumper payouts under a share scheme as it revealed a jump in festive sales.

The high street stalwart said employees – mostly customer service assistants – who put a typical £150 a month into its 2020 share save scheme will gain more than £10,000 when it pays out on 1 February.

It comes after M&S said it starts 2024 with a "spring in our step" after sales jumped over Christmas and its food halls saw a record number of shoppers.

Total sales reached £3.8 billion, whilst UK sales totalled £3.5 billion.

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 a note of caution over the outlook: "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."

Details of the payout for workers in its share save scheme come after the group has enjoyed a resurgent performance on the stock market, boosted by strong trading under a turnaround that has been paying off.

M&S rejoined the FTSE 100 Index top tier of shares last August after a four-year hiatus thanks to big share gains.

Machin said M&S plans to "up the pace" of its overhaul, ramping up its store changes and revamps, "doubling down" on measures to improve its supply chain and availability and to lower costs.

It is targeting a 1% increase in market share across both businesses.