M&S has raised its profit outlook for the year as it continues to see market share growth in both the clothing and home and food businesses.
The retailer now expects to deliver a profit growth in the year to 1 April 2024, having previously forecasted a small decline.
Like-for-like food sales jumped 11% in the 19 weeks to 12 August thanks to the retailer’s increased investment into quality and value.
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Clothing and home sales were also up, growing 6% over the period, with strong in-store growth helping to offset “more subdued growth in online”.
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.”
M&S added it was making good progress on its programme to reshape the business.
Chairman Archie Norman admitted last month that it has “taken too long” to turnaround the business.
He revealed the retailer was “30 to 40% of the way towards what we can be”.
GlobalData retail analyst Joe Dawson deemed M&S “the high street success story of 2023”.
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