Marks & Spencer's half-year profits surge as it continues to grow market share Fer House

As clothing and food sales continue to soar, the Marks & Spencer (M&S) in the UK has seen half-year profits soar and fourth consecutive year of market share growth.

Marks & Spencer's profit before tax and adjusting items rose by more than 17% to £407.8 million in the half year to September 28th .

Sales rose 5.8% to £6.52 billion. Food revenues increased by 8.1% and the division's adjusted operating profit rose by more than a third (34.5%) to £213.1m.

Clothing and home category sales rose by 4.7% and profit increased marginally by 0.5% to £242.2 million. Marks & Spencer noted that it was trading faster than expected in its new and refurbished UK stores and would be adding further stores.

Despite the excellent results, Marks & Spencer chief executive Stuart Machin said the company still had a lot of work to do.

We have a lot on our plate this year and beyond,” he said. While we are trading strongly, the opportunity for future growth is much greater and this energizes us. With growth in apparel, now is the time to capitalize on opportunities in other categories including home and beauty."

Marks & Spencer will also look to accelerate its transformation and re-imagine its proposition in clothing and home online as “progress to date has been slower than we would have liked, so we have to accelerate delivery”.

The company is also “reprioritizing its international business” to drive future growth and improve short-term results. Machin also pointed out how the budget adds a layer of uncertainty for Marks & Spencer. “The long-term impact of the recent Budget on Marks & Spencer, our suppliers and our customers is uncertain at this time. In the meantime, we are confident that we remain on track and focused on what we can control.”

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