M&S has seen growth in both the Clothing & Home, and Food businesses over the first 19 weeks of the year.
Like-for-like Clothing & Home sales grew over 6%, with strong growth in store and more subdued growth online. Sell through rates have been robust and stock into sale was lower than planned.
Overall, group operating margin has continued to be robust, driven by strong store performance and enhanced by our store rotation and renewal programme.
The retailer said: “There remain considerable uncertainties about the economic outlook, and there is a risk that the consumer market will tighten as the year progresses. Nevertheless, we now expect the outcome for the year to show profit growth on 2022-23, and the interim results to show a significant improvement against previous expectations.”
