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M&S has stated that it expects to see profit growth for the full year after seeing continued market share growth in its clothing and home and food categories.
It comes as like-for-like food sales increased 11% for the 19 weeks ended 12 August 2023.
This was a result of further investment in “quality and trusted value” and sharpened prices on over 80 “Remarksable Value” lines.
Like-for-like clothing and home sales grew over 6%, with strong growth in stores, and more subdued growth online.
The company stated that its sell through rates were robust and stock into sale was lower than planned.
M&S stated that group operating margin continued to be robust, driven by strong store performance and enhanced by its store rotation and renewal programme.
M&S said in a statement: “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.”
