Marks & Spencer raised its profits prediction recently, after posting outstanding holiday performance, particularly in the food area, in which it outperformed the market.
M&S, the UK’s most well-known retailer, said it now expects at least £ 500 million in annual pre-tax and adjusted income after emerging from years of a slump.
In the 13 weeks leading up to January 1, food sales were up 12.4 percent from pre-pandemic levels two years ago, outperforming market growth projections by 10%.
On a comparable basis, apparel and home furnishings sales increased by 3.2 percent, which is also remarkable in terms of growth. The marketplace was expected to anticipate a 0.9 percent decrease.
“Sales throughout the Holiday season was good, demonstrating the continuous improvements we achieved to quality and value,” said Chief Executive Officer Steve Rowe.
Products outpaced the market in both the 12 and 24-month periods, he added, while clothes and home goods rose for the second quarter in a row, owing to stronger comprehensive sales.
This news suggests that one of the UK’s most elusive turning points may have finally arrived. M&S’s stock has doubled in the last year.