M&S food boosts profits
By Sarah Wood | 8th November 2023
Marks & Spencer has reported better-than-expected profits for the first half, boosted by clothing and food sales.
Profit before tax at the retailer, which has stores in Gloucester, Cheltenham and Cirencester, rose 56% on the previous year to £326m in the six months to September 30, as reported by the BBC.
Sales across the company were up by 10.8% to £6.13bn, with food sales rising by nearly 15%.
Food sales increased after M&S lowered the prices of hundreds of products to help out shoppers hit by inflation.
Clothing sales rose after "improved style and value perceptions" among customers, it said.
As part of a big turnaround plan, M&S has focused on revamping its stores, clothing lines and digital offer.
But the retail giant remains cautious about the coming year, warning that high interest rates, global conflict and unpredictable weather could affect trading.
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