Friday, November 22, 2024

M&S beats expectations with strong first half

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The turnaround plan at Marks & Spencer has continued to bear fruit as pre-tax profits in the first half of the year grew by more than a fifth, beating analyst expectations.

The 140-year-old retailer reported a strong first half as volume growth in its food division helped to increase profit before tax by 20.4 per cent to £391.9 million in the six months to September 28 from £325.6 million last time.

Under Stuart Machin, chief executive since 2022, and Katie Bickerstaffe, who stepped down this year as co-chief executive, M&S has been undergoing a dramatic transformation despite a challenging trading environment.

Overall sales in the first half climbed to £6.52 billion, up 5.8 per cent from the same period last year. The food and clothing

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