Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Highstreet retailer Marks & Spencer upgraded its outlook on profit, citing improved sales performance amid easing restrictions.
The company said it expected adjusted pre-tax profit for the year to be above the upper end of previous guidance of £300-to-350 million.
At the start of the year, the company warned that the trading outlook was highly uncertain, but since then, it had seen an 'encouraging performance.'
For the 19 weeks to 14 August, food revenue increased 10.8% on last year and 9.6% on 2019/20.
Clothing & home revenue was up 92.2% on last year and down just 2.6% on 2019/20.
International revenue was up 39.7% on last year and down 5.2% on 2019/20 despite the impact of lockdown in India in the early part of the financial year and 'substantial Brexit related effects on the supply of Food to our businesses in the Republic of Ireland and France,' the company said.