Marks and Spencer Group PLC (LSE:MKS) shares jumped almost 9% in early trading after the retailer said it expects interim results to beat previous expectations on the back of strong growth in food and clothing sales.
“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,” M&S said in an unscheduled trading statement.
The retailer said the first 19 weeks of the year have seen continued market share growth in both the Clothing & Home and Food businesses, and good progress on the programme to reshape M&S.
Like-for-like food sales grew over 11% while like-for-like Clothing & Home sales grew over 6%, with strong growth in stores and more subdued growth in online.
Sell-through rates have been robust and stock into sale was lower than planned, the group said.
Group operating margin has continued to be robust, driven by strong store performance and enhanced by the company's store rotation and renewal programme.
Interim results will be released on 8 November.