(Adds detail, quote)
LONDON, Jan 13 (Reuters) - British retailer Marks & Spencer
on Thursday nudged up its profit outlook after it
reported a strong Christmas performance, particularly in food,
where it outperformed the market.
M&S, Britain's most famous stores group which is recovering
from a decade of decline, said it now expected full-year profit
before tax and adjusted items to be at least 500 million pounds
($686 million) compared to previous guidance of about 500
million pounds.
It said food sales increased 12.4% against its pre-pandemic
performance two years ago in the 13 weeks to Jan. 1, beating
market forecasts of 10% growth.
Clothing and home sales rose 3.2% on the same basis, also
surprising on the upside. The market had expected a 0.9% fall.
Chief Executive Steve Rowe said: "Trading over the Christmas
period has been strong, demonstrating the continued improvements
we've made to product and value."
He said food had outperformed the market over both 12 and
24 months, while clothing & home had delivered growth for the
second successive quarter, supported by more full-price sales.
The update provides evidence that one of Britain's most
elusive turnarounds could finally materialise. M&S's shares have
nearly doubled over the past year.
($1 = 0.7293 pounds)
(Reporting by Paul Sandle; Editing by Kate Holton and James
Davey)