M&S raises profit outlook
By Sarah Wood | 15th August 2023
Marks & Spencer has raised its profit outlook for the year, as it increases market share across the business.
The retail giant, which has stores in Cheltenham, Gloucester and Cirencester, said it now expects to achieve profit growth for the year to April 1, 2024, having previously forecast a small decline, as reported by Retail Gazette.
Like-for-like food sales were up 11% for the 19 weeks to August 12, thanks to M&S's increased investment in value and quality.
Clothing and home sales increased by 6% over the same period, with in-store growth helping to offset 'more subdued' online sales.
M&S said, despite continued economic uncertainty, it now expects to see profit growth on 2022-23. It expects its interim results, due later this year, to show a big improvement on previous expectations.
The retailer also said it was making good progress on reshaping the business.
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