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Britain’s M&S raises profit outlook after strong trading
© Reuters. FILE PHOTO: A logo of food and clothes’ retailer Marks and Spencer (M&S) is seen at a branch in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo
(Reuters) -British retailer Marks & Spencer (OTC:) raised its profit outlook on Tuesday, saying it was continuing to win market share in both its clothing & home and food businesses.
The group said it now expected profit growth in its full 2023-24 year, having previously forecast a small decline.
It forecast its interim results, due to be published in November, would show “a significant improvement” against previous expectations.
M&S said in the first 19 weeks of the year like-for-like food sales grew over 11%, while clothing & home sales were up over 6% on the same basis.
The group did, however, caution: “There remain considerable uncertainties about the economic outlook, and there is a risk that the consumer market will tighten as the year progresses.”
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