Marks and Spencer have raised their profit outlook after fresh a boost from their clothing and food sales so far this year.
The first 19 weeks of the year has seen continued market share growth in both the Clothing & Home and Food businesses, and good progress on the programme to reshape M&S.
Like-for-like Food sales grew over 11% after they made further investment in quality and trusted value, sharpening prices on over 80 ‘Remarksable Value’ lines.
Like-for-like Clothing & Home sales also grew over 6%, with strong growth in stores, and more subdued growth in online.
The company says “sell through rates have been robust and stock into sale was lower than planned.”
Overall, the group operating margin has continued to be robust, driven by strong store performance and enhanced by their store rotation and renewal programme.
A spokesperson for the company says: Although “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.”
Interim results, for the 26 weeks ending 30 September will be reported on 8 November 2023.
