Marks & Spencer Boosts FY Profit Outlook

Marks and Spencer Group Plc (MAKSY.PK,MAKSF.PK,MKS.L), on Friday, issued trading update for 19 Weeks To 14 August 2021, and reported improved sales performance and profit delivery.

Food revenue in the period has outperformed, increasing 10.8% on last year and 9.6% on 2019/20. Clothing & Home revenue was up 92.2% on last year and down just -2.6% on 2019/20.

International revenue grew 39.7% on last year and down only -5.2% on 2019/20 despite the impact of lockdown in India in the early part of the financial year and substantial Brexit related effects on the supply of Food to the company's businesses in the Republic of Ireland and France.

Further, the company said it expects adjusted profit before tax for the year to be above the upper end of previous guidance of £300 million - £350 million.

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