High street giant Marks and Spencer (M&S) is known for its premium products. For those looking to reduce weekly food shop costs during the cost of living crisis, M&S may not be the first supermarket that comes to mind.
However, more recently some shoppers have been blown away to discover that M&S prices now rival the likes of Aldi, Tesco, ASDA and Lidl when it comes to certain groceries. One Tesco shopper found his M&S shopping so cheap, he said he wouldn't be going back to his local Tesco 'any time soon'.
Now M&S shoppers have discovered another item to help ease the cost of living crisis. On the Extreme Couponing and Bargains UK group, one shopper urged people to consider M&S' 40p baked beans.
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Bill Holder said: "If you love your beans, but don't want to be ripped off, M&S beans are so good for 40p, they almost are the same as Heinz but so much cheaper." Bill's advice was quickly noticed by shoppers.
Many shoppers shared their own supermarket baked beans tips. House Sale said: "Tesco 27p (price has increased) blob of butter, lovely."
Sarah Thacker said: "Aldi beans are superior to Heinz.. 4 tins for just over a pound." Jacob Walsh said: "M&S for some things is actually cheaper that you expect and mostly better quality that Lidl and Aldi. Particularly the fruit."
Karl Readman wrote: "Tesco Stockwell beans are the best and cheaper." Jo Collier wrote: "My favourite beans ever!!!"
Earlier this week high street giant Marks & Spencer warned there's a “gathering storm” ahead as it forecast a steep slump in customer demand next year and said more price hikes are on the way.
The retailer said while sales were so far proving resilient and customers are “determined” to spend over Christmas, trading will become much tougher in the new year as the cost-of-living crisis hits hard. Shares in M&S fell 6% in morning trading on Wednesday as it forecast a “material contraction” in market demand over its next financial year.
It predicted a raft of retailers will go bust as the pressures take their toll. The chain said the M&S shopper is set to prove more resilient, while a recent overhaul at the group “may provide some insulation from the gathering storm”. It has reined in price rises where it can, passing on price increases of around 8% across its food halls versus an 11% rise in its own costs.
But it lifted clothing and home prices by about 7% in the first half and is set to increase these further as the pound’s slump against the US dollar makes it more expensive for the group to buy in stock. M&S said: “We expect market conditions to become more challenging in 2023-24.
“The combined impacts of the cost-of-living squeeze and the most marked rise in the cost of doing business for many years are creating pressure on margins industry-wide. All parts of the retail sector will be affected, and this will result in unviable capacity leaving the industry, creating opportunities for the leaner players who remain.”
The gloomy outlook came as it reported a 23.7% fall in underlying pre-tax profits to £205.5 million in the six months to October 1 as it saw double-digit inflation in food costs and suffered a £700,000 loss in its Ocado retail joint venture.
Profits were also knocked by the cost of higher property taxes after the end of business rates relief, as well as its exit from Russia. M&S said like-for-like sales jumped 13.7% across its resurgent clothing and home division as its bounce-back gathers pace, while comparable sales lifted 3% across its food business.
But underlying earnings in the food division slumped to £71.8 million from £124 million a year earlier as costs weighed on the division.
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