Marks and Spencer Group PLC (LSE: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. So I think there’s a lot for us to do on that."