Marks & Spencer raises full year profit outlook
Marks & Spencer has raised its full year profit outlook after growing its market share in its clothing & home and food businesses.
In a trading update, the retailer said it had seen continued growth in the categories in the first 19 weeks of the year and had made good progress on its programme to reshape the company.
Like-for-like food sales rose by over 11% in the period as M&S invested in sharpening prices on over 80 ‘Remarksable Value’ lines.
Clothing & home sales were also up on a like-for-like basis, rising by over 6%, as the retailer benefited from strong growth in stores, although online growth was “more subdued”.
The retailer had previously forecast a small decline in full year profit.
Looking ahead, M&S said: “There remain considerable uncertainties about the economic outlook, and there is a risk that the consumer market will tighten as the year progresses. Nevertheless, we now expect the outcome for the year to show profit growth on 2022-23, and the interim results to show a significant improvement against previous expectations.”
