15th Aug 2023 08:29
(Alliance News) - Marks & Spencer Group PLC shares were up on Tuesday, after it shared an improved outlook for its financial year.
Shares in the London-based clothing, homewares and food retailer were up 8.2% to 221.43 pence each in London early Tuesday.
Marks & Spencer said it now expects the outcome for its financial year to show profit growth from the prior year, and expects its interim results to reveal a "significant" improvement from previous expectations.
The retailer said it has seen "continued market share growth" in Clothing & Home as well as Food in the first 19 weeks of its financial year.
Like-for-like Food sales grew over 11% in the 19 weeks to August 12, as the firm invested in quality and "sharpened" prices on its value lines.
Like-for-like sales in Clothing & Home grew over 6%, with strong growth in stores offset by more "subdued" growth online.
"Overall, group operating margin has continued to be robust, driven by strong store performance and enhanced by our store rotation and renewal programme," M&S said.
However it warned that "considerable" uncertainties about the economic outlook remain. There is also a risk that the consumer market will tighten as the year progresses, it added.
Interim results, for the 26 weeks ending September 30 will be reported on November 8.
By Sophie Rose, Alliance News reporter
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