Marks & Spencer (M&S), the London-based fashion retailer, has recorded a strong trading performance.
The retailer saw its Group sales shoot up by 29.1 per cent year-on-year (Y-o-Y) in the 19 weeks that ended 14 August 2021.
Encouraged by the good performance – especially of its fashion segment – M&S now hopes its full-year earnings to be better than expected.
The retailer believes that while the outlook continues to be uncertain, it still hopes to make profits at the upper end of earlier guidance of £300 million to £350 million.
The apparel and home sales surged by 92.2 per cent Y-o-Y, and were down by 2.6 per cent during the same period back in 2019.
The retailer has attributed the performance to its transformation programmes and improvements like doing fewer promotions and aiming for more focused ranges.
Notably, the online sales of home and clothing presently account for 35 per cent of total sales in the category.
M&S was founded in 1884 and generates revenue of £10,181.9 million in 2020.