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LONDON, Nov 10 (Reuters) - British retailer Marks & Spencer
on Wednesday beat forecasts for first-half profit and
raised its full-year outlook, adding to evidence that its latest
attempt at an elusive turnaround is delivering.
The 137-year-old clothing and food group, one of the biggest
names in British retail, said it made profit before tax and
adjusting items of 269.4 million pounds ($363.4 million) in the
six months to Oct. 2 versus analyst forecasts of 205-264 million
pounds. It made a loss before tax and adjusting items of 17.4
million pounds in the same period last year.
M&S raised its forecast for full-year profit before tax and
adjusting items to about 500 million pounds from previous
guidance of over 350 million pounds.
The profit upgrade is only the second from M&S this century
and follows one in August.
The first-half outcome was also ahead of the profit of 176.3
million pounds made in 2019, before the COVID-19 pandemic
impacted trading.
Food sales increased 10.4% on 2019, while clothing and home
revenue was down 1%, with full price sales up 17.3%.
M&S believes the pandemic has masked the progress management
has made in its latest turnaround efforts after years of false
dawns.
Chairman Archie Norman and CEO Steve Rowe have focused on
transforming M&S' outdated culture, improving the quality and
value of its clothing and food products, while reshaping its
store estate and investing in technology and e-commerce,
including a venture with online supermarket Ocado.
Shares in M&S, up 43% so far this year, closed Tuesday at
194.5 pence, valuing the business at 3.8 billion pounds.
($1 = 0.7414 pounds)
(Reporting by James Davey; Editing by Kate Holton and Paul
Sandle)
