Demand for jeans, jogging bottoms and workwear has helped Marks & Spencer to a long-awaited turnaround of its clothing business, with full-year profits forecast at £500m.
Shares in the high street retailer rose more than 20% at one point yesterday morning on the back of the results, which showed the group swinging to a pre-tax profit of £187m for the six months to October, compared with a loss of almost £88m during the same period in 2020.
The figure also blew past pre-pandemic profits of £159m, and the retailer’s chief executive, Steve Rowe, said it was “clear that underlying performance is improving ”.
M&S said its strong performance reflected a 10% increase in food sales as well as “substantial improvement” across its once-struggling clothing and homeware business.
Diese Geschichte stammt aus der November 11, 2021-Ausgabe von The Guardian.
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