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M&S raises profits outlook after revamp of clothing division pays off
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A revamp of its clothing business has helped Marks & Spencer raise its profits outlook for the second time in less than three months but it warned over soaring costs and disruption from supply chain problems.
M&S said its strong performance over the six months to October reflected a 10% jump in food sales as well as “substantial improvement” across its once-struggling clothing and homeware division.
The chief executive, Steve Rowe, added that both parts of the business were making “important gains in market share” and that “the hard yards of driving long-term change are beginning to be borne out in our performance”.
Together, they helped push pre-tax profits to £187m for the half-year compared with a loss of almost £88m during the same period
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