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☆ Britain's M&S cautious on outlook after first-half profit beats expectations
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Jeans are seen for sale at Marks and Spencer, Hempstead Valley branch at the soon to be opened clothes branch of the store in Gillingham, Britain, June 1, 2020. But it cautioned the economic outlook remained uncertain and flagged the impact on the consumer from the highest interest rates in 20 years, deflation, geopolitical events, and erratic weather. "Therefore, against more challenging comparatives, we expect profit before tax and adjusting items to be weighted towards the first half, as we remain laser-focused on our long-term ambition to reshape M&S for future growth," it said. M&S reported profit before tax and adjusting items of 360.2 million pounds ($442 million) for the six months to Sept. 30, versus analysts' average forecast of 276 million pounds and 205.5 million pounds made in the same period last year. ($1 = 0.8149 pounds)Reporting by James Davey; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeans, Dylan Martinez, Spencer, MKS.L, James Davey, Kate Holton Organizations: REUTERS, Marks, Thomson Locations: Marks, Spencer, Hempstead Valley, Gillingham, Britain

☆ M&S shares soar as first-half profit smashes forecasts
▼ + stars: | 2023-11-08 | by ( James Davey | ) www.reuters.com time to read: +3 min

SummaryCompanies First-half profit up 75%Cautions second half won't be as strongDividend restoredShares up 10%LONDON, Nov 8 (Reuters) - Marks & Spencer (M&S) expects full-year profit to leap more than 30% after an overhaul of its food, fashion and supply chain helped the British retailer smash first-half forecasts, sending its shares soaring on Wednesday. First-half profit jumped 75%, the dividend was reinstated as promised, and the company said shoppers were already snapping up its Christmas ranges. It now expects analysts' consensus forecast for annual profit to rise to 640 million pounds ($785 million) from 575 million pounds currently, versus 482 million pounds in 2022/23. M&S reported profit of 360.2 million pounds for the six months to Sept. 30, versus analysts' average forecast of 276 million. As flagged in May, M&S restored its dividend with a 1 pence interim payout, its first since 2019/20.

Persons: Spencer, Ian Lance, Stuart Machin, Dylan Martinez, Peel Hunt, James Davey, Kate Holton, Mark Potter Organizations: S's, Reuters, REUTERS, Revenue, Peel, Thomson Locations: British, Redwheel, Marks, Spencer, Hempstead Valley, Gillingham, Britain

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