M&S shares soar 10% on Christmas trading forecasts

The retailer's CEO said sales of women's partywear were up 50%, with one black sequin dress already selling 5,000 units in a week

M&S chief executive Stuart Machin is 'quietly confident on Christmas'.

Shares in Marks & Spencer closed 10% higher after the British retailer smashed first-half profit forecasts and said it expects full-year profit to leap as its latest turnaround effort after years of false dawns gathered momentum.

The retailer said an overhaul of its food, fashion and supply chain had helped it deliver a 75% jump in first-half profit and re-instate its dividend after four years. Its shares have more than doubled over the last year to value the retailer at £4.9bn (€5.6bn). In comparison, clothing retailer Next is worth £9.5bn.