M&S raises profit outlook following robust customer spending

Retailer has benefited from its focus on providing high-quality food and well-priced fashion ranges

M&S said it has seen food sales grow 11% during the first 19 weeks of the year with clothing and home sales growing 6%. Picture: Damian Coleman

British retailer Marks & Spencers (M&S) raised its profit outlook, saying demand in stores had helped it to win new customers for its clothing, home and food businesses.

The 139-year-old group, whose shares have risen 66% so far this year, said it now expected profit growth in its full 2023-24 year, having previously forecasted a small decline. Its shares jumped 8%.