Proactive Investors - Marks and Spencer Group PLC (LON:MKS) boss Stuart Machin believes his supermarket should have already overtaken rival Waitrose in terms of market share.
Machin in an interview with the Telegraph, said: “You could argue we should have overtaken them already. “I might even be arguing that internally here.”
Last month, it was revealed the company was the fastest-growing grocery retailer after its sales jumped by close to 12%, piling more pressure on Waitrose.
M&S shares subsequently rallied to six-year highs after the group posted its annual results.
Profits during the period surged 58% to £716 million, allowing the group to reinstate its dividend after a four-year hiatus.
“We’re on track. But it doesn’t mean we’re done. It doesn’t mean everything is great,” Machin added.
He explained how there is a five-year timeline in which he aims to sort out networks, supply chains, and availability while improving ordering systems and reducing working capital and waste.
“Where I really want to get to in the next 12 to 18 months is a bit more service, a bit more selling and serving.
“It’s someone to talk to and someone to help you with your suits… when we have people helping customers with their suits our sales triple.”