Marks & Spencer has posted a return to profit after it benefited from the “hard yards” of its ongoing transformation programme.
In the 26 weeks to 2 October, pre-tax profit came in at £187.3 million compared to a loss of £87.6 million a year ago.
In its interim results announcement, the retailer said food sales climbed by 10.4% in the period although clothing and home sales edged down 1%.
The retailer said its clothing and home business delivered 17.3% growth in full price sales as the number of online customers continued to grow. It also increased its retention levels with newer shoppers as benefited from the Sparks data and personalisation programme. In October, M&S relaunched its recently acquired Jaeger business as a digital-first brand, with an encouraging early customer response.
Within its food business, the retailer said it had been encouraged by market share gains being generated in core categories. Alongside this, its partnership with Ocado was helped by a step change in the online grocery market.
M&S said it is making good progress on its store rotation programme and that its pipeline of new full line stores has grown to 20 and now includes six former Debenhams sites, as well as a Leamington Spa store which opened in the period.
