Marks and Spencer Group PLC (LSE:MKS) has reported an increase in interim profit, aided by a jump in food sales.
Pre-tax profit climbed 20.4% to £391.9 million over the six months to September, on the back of a 5.7% rise in overall revenue to £6.5 billion.
Food sales jumped by 8.1% as the business' adjusted profit margin widened to 5.1% from 4.1% for the year year-earlier over the period.
M&S noted value perception was at its strongest in 10 years following efforts to lower prices on fish, dairy and poultry, which aided UK volume growth of 6.5%.
Clothing and home sales ticked up 4.7%, while cost savings partially offset a reduction in margins from 12.4% to 12.0% following investment in technology.
“The easy thing to do today would simply be to say that these are good results, but that wouldn't be the right thing to do,” chief executive Stuart Machin said.
“In the spirit of being positively dissatisfied, we have so much to do over this year and beyond. Despite our strong trading momentum, there is much more opportunity for future growth and that energises us.”
He added the Autumn Budget’s long-term impact was “for now” uncertain but that the supermarket was “focused on what is in our control”.
“We have the best Christmas food range I've seen in my time at M&S and the most stylish seasonal clothing offer yet.”