M&S upgrades profit guidance after sales growth
Marks & Spencer has upgraded its profit guidance for the 2023-24 financial year after enjoying a boost in sales at the beginning of the year.
During the 19 weeks ending 12 August, M&S’s like-for-like food sales grew by over 11%. The retailer said it had made further investments in quality and value.
M&S’s like-for-like clothing and home sales also increased by over 6%, with the retailer adding that it had seen strong growth in stores and more “subdued” growth online.
M&S said that overall group operating margin had been “robust” and “driven by strong store performance”, and the retailer’s store rotation and renewal programme.
In a statement, Marks & Spencer 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.”
The retailer will release its results for the first half of the year on 8 November.