Marks and Spencer has issued an update in which it outlines strong trading, as well as its outlook for the year.
The first 19 weeks of the year saw continued market share growth in both the Clothing & Home and Food businesses, and good progress on the programme to reshape M&S, the retailer reports.
LFL Clothing & Home sales grew by over +6%, with strong growth in stores, and more subdued growth online. Sell-through rates have been robust, adds Marks and Spencer, and stock into sale was lower than planned.
Overall, it says group operating margin has continued to be robust, driven by strong store performance and enhanced by the retailer's store rotation and renewal programme.
"There remain considerable uncertainties about the economic outlook, and there is a risk that the consumer market will tighten as the year progresses," adds the retailer. "Nevertheless, we now expect the outcome for the year to show profit growth on 2022-23, and the interim results to show a significant improvement against previous expectations."
