M&S revamp pays off with profit boost from food sales

Marks & Spencer has reported much better-than-expected profits for the first half of the year, boosted by food and clothing sales.

Profit before tax soared to £326m in the six months to 30 September - up 56% on the previous year.

It has been focussing on revamping its shops, clothing lines and digital offer as part of a big turnaround plan.

Despite the recent boost, its boss warned that the retail giant remains cautious about the year ahead.

Its chief executive Stuart Machin said that high interest rates, price rises slowing, global conflict and erratic weather could hit trading.

"Progress won't be linear, but we are ambitious for future growth and are driving what is in our control," he said in the update on Wednesday.

Overall, sales across the company increased by 10.8% to £6.13bn for the period.

Food sales were up nearly 15%, after stripping out the effect of new shops opening.

It comes after M&S lowered the prices of hundreds of its food products as inflation squeezed many customers.

Clothing also sales got a boost after "improved style and value perceptions" among shoppers, it said.

In August, the retailer said that this set of results would reveal a "significant improvement" in its performance after a surge in its share price which saw it return to the FTSE 100 index after four years.

Looking ahead, boss Stuart Machin also said that it was now planning for a good Christmas with customers "responding positively" to its ranges.