Marks & Spencer has raised its profit outlook for the year as it reports continued market share growth across its verticals. Clothing and home sales both climbed by over 6 per cent, with ‘strong’ in-store growth offsetting ‘more subdued growth online’.
Additionally, fewer items than originally anticipated were included in its most recent sale because more items were sold at full price.
Marks & Spencer also disclosed that its project to transform the company was moving along well. It stated that expectations are for its half-year results for the six months ending in September, which are scheduled to be announced in November, to surpass earlier projections.
In a statement, the retailer 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.”
