Marks and Spencer (M&S) has upgraded its profit outlook following a growth in market share in its clothing, home and food businesses.
In the 19 weeks that ended 12 August 2023, the retailer posted an 11% rise in like-for-like food sales driven by “further investment in quality and trusted value”.
The company also attributed the rise to slashing prices of over 80 of its ‘Remarksable Value’ range amid the ongoing cost-of-living crisis.
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Like-for-like clothing and home sales rose over 6% in the same period, thanks to strong growth in stores over online.
Overall, the group operating margin has continued to be robust, the Leading Retailer claimed, driven by strong store performance and enhanced by our store rotation and renewal programme.
In a statement, 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 in 2022-23, and the interim results to show a significant improvement against previous expectations.
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