Britain’s M&S raises profit outlook after strong trading By Reuters

© Reuters. FILE PHOTO: A emblem of meals and garments’ retailer Marks and Spencer (M&S) is seen at a department in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photograph

(Reuters) -British retailer Marks & Spencer (OTC:) raised its revenue outlook on Tuesday, saying it was persevering with to win market share in each its clothes & dwelling and meals companies.

The group stated it now anticipated revenue progress in its full 2023-24 12 months, having beforehand forecast a small decline.

It forecast its interim outcomes, attributable to be revealed in November, would present “a major enchancment” in opposition to earlier expectations.

M&S stated within the first 19 weeks of the 12 months like-for-like meals gross sales grew over 11%, whereas clothes & dwelling gross sales had been up over 6% on the identical foundation.

The group did, nevertheless, warning: “There stay appreciable uncertainties in regards to the financial outlook, and there’s a danger that the patron market will tighten because the 12 months progresses.”