Fri. Jan 21st, 2022

Marks and Spencer said he is more confident in his ability to deliver profit expectations after record sales over the Christmas period.

The UK retailer, which increased its profit guidance last November, said sales in the 13 weeks to 1 January rose 18.5 per cent to £ 3.3bn compared to the same period last year. Sales rose 8.6 percent over the same period two years ago.

“Christmas trading was strong, demonstrating the sustained improvements we have made to the product and value,” said CEO Steve Rowe.

“Clothing and home grew for the second consecutive quarter, supported by strong online and full-price sales growth. “Food has maintained its momentum and outperformed the market in both 12 and 24 months,” he added.

Marks and Spencer’s food division achieved its highest Christmas sales ever, rising 12.4 per cent to £ 1.9 billion compared to the same period two years ago.

The company, once known for false dawn in trading, upgraded profit expectations twice this financial year, most recently in November when he predicted a full annual profit of £ 500 million. The retailer now expects full-year profit before tax and adjusted items of “at least” £ 500 million.

It has taken market share in food by simplifying prices, and improved profit margins by changing clothing and home product offerings.

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