M&S cautious on 2024 outlook after first-half profit beats expectations

Tts shares have nearly doubled over the last year. They rose 7% in early trading on Wednesday.

M&S reported profit of £360m for the six months to September 30, versus analysts' average forecast of £276m.

Food and clothing retailer Marks & Spencer reported a much better-than-expected 75% rise in first-half profit and restored its dividend but cautioned the combination of high borrowing costs, erratic weather and geopolitical events may soon weigh on shoppers.

After more than a decade of failed turnaround efforts, M&S CEO Stuart Machin is seeking to build a more resilient business with a renewed focus on the quality and value of its clothing and food, heavy investment in technology and e-commerce, and a radical overhaul of its store estate.