M&S has upgraded its profit outlook after growing market share in its clothing and home and food businesses.
In a trading update for the first 19 weeks of the year, M&S said like-for-like food sales grew over 11%, as M&S made “further investment in quality and trusted value” and lowered prices on more than 80 ‘Remarksable Value’ lines.
Like-for-like clothing and home sales grew more than 6% over the same period, driven by strong growth in stores over online.
The retailer said that sell-through rates in apparel and homewares have been robust and stock into sale was “lower than planned”.
M&S said while “there remain considerable uncertainties about the economic outlook, and there is a risk that the consumer market will tighten as the year progresses” the retailer “now expect[s] the outcome for the year to show profit growth on 2022/23 and the interim results to show a significant improvement against previous expectations”.
The retailer’s interim results for the 26 weeks ending September 30 will be reported on November 8, 2023.
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