There’s not much in retail that’s worse than a minus in front of a sales or profit figure but M&S looks as if it’s going the right way.

There’s not much in retail that’s worse than a minus in front of a sales or profit figure.

But for Marks & Spencer that’s been the case for a while at its crucial clothing division so the focus has been on the direction of travel the numbers show.

M&S boss Marc Bolland has, to the frustration of some, time and again emphasised that he is on a “step by step journey” towards putting the bellwether business back on course.

Wednesday’s interims showed that he seems to be making some progress towards a destination that has sometimes appeared more of a mirage than reality.

The latest numbers can be sliced and diced in various ways. Underlying profit up, statutory a little down, operating profit at the flagship UK business off a bit.

But there’s no disputing earnings came in ahead of consensus expectations and that no doubt will have put a little spring in Bolland’s step.

Like other apparel groups, M&S sweated during the hot autumn that wilted fashion sales.

That was a disappointment after the warm reception the retailer’s latest ranges received from fashionistas and a rise in womenswear sales in the first five months of the half year.

However, a focus on full-price sales paid off and M&S managed to protect margin and also increased its target for the full year.

The results were greeted – at the time of writing – with a 9% share price rise.

That, however, is as much a verdict on M&S’s past underperformance as it may be a sign of optimism that the retailer may at last be returning to some sort of form.

A day before M&S reported, value fashion powerhouse Primark unveiled a 30% annual profit increase. Since its year-end in mid-September it is understood that Primark’s sales and profits have climbed 10%.

George Weston, chief executive of Primark parent ABF, told Retail Week: “The way people think about clothes shopping has changed for good. People are paying less for clothes.”

The rise of Primark has changed the fashion retail landscape and is no doubt one factor in M&S’s problems in recent years.

However Wednesday’s results showed that M&S need not simply race to the bottom on price if it makes the right style calls.

The old mantra, often repeated by ex-M&S boss Sir Stuart Rose, that value is the function of price times quality can still hold true.  

Bolland’s compass seems to be guiding M&S along the right route – albeit step by step, inch by inch, toehold by toehold.

The retailer’s bosses may be allowed to clink a glass of M&S’s Oudinot Brut NV Champagne (£150 for a case of six bottles if you’re interested) this week.

But until there’s a plus sign in front of the general merchandise top line it’s still not quite party time at Paddington Basin.