[1/2] A Marks and Spencer logo is seen on an advertisement outside of a store in London, Britain, May 23, 2018.
The 139-year old group, whose shares have risen 66% so far this year, said it now expected profit growth in its full 2023-24 year, having previously forecast a small decline.
Clothing group Next (NXT.L) upgraded its profit forecast earlier this month, lifting it for the second time in three months.
M&S said in the first 19 weeks of the year like-for-like food sales grew over 11%, while clothing & home sales were up over 6% on the same basis.
Clive Black at Shore Capital, the house broker, said sentiment around M&S had taken a long time to improve after other turnarounds failed to materialise, but he lifted his profit outlook by 9%.
Persons:
Marks, Spencer, Toby Melville, Stuart Machin, Clive Black, James Davey, Yadarisa, Rashmi Aich, Kate Holton, David Evans
Organizations:
REUTERS, Marks, Shore Capital, Thomson
Locations:
London, Britain, Bengaluru