M&S delivers strong trading; expects full year profit growth

Multinational retailer Marks and Spencer has reported strong trading in the first 19 weeks of the year as it continues to gain market share in both the Clothing & Home and Food businesses.

M&S said that Like-for-like Clothing & Home sales grew over 6%, with strong growth in stores, and more subdued growth in online. “Sell through rates have been robust and stock into sale was lower than planned.” Like-for-like Food sales grew over 11%.

Commenting on its trading update, M&S added: “Overall, group operating margin has continued to be robust, driven by strong store performance and enhanced by our store rotation and renewal programme.

“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.”

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