Marks & Spencer sparkles again as food and fashion sales surge drives higher than expected profits
- M&S food sales are up 11% as shoppers try to save money by eating at home
- They have partnered with chef Tom Kerridge and celebs like Holly Willoughby
- READ MORE: How a ‘Fast fashion’ approach is driving the revival of M&S
Marks & Spencer has got its mojo back with a surge in sales of food and fashion bringing predictions of higher than expected profits.
Sales of food are up 11 per cent as shoppers try to save money by eating at home.
M&S meal deals, high quality wine and a partnership with TV chef Tom Kerridge to promote its Remarksable value range have won customers.
At the same time, it has seen a 6 per cent rise in clothing and home sales after winning plaudits for its designs and moving to a fast fashion approach.
The recruitment of Topshop fashion director, Maddy Evans, has been lauded for bringing the brand back to life.
Marks & Spencer has got its mojo back with a surge in sales of food and fashion bringing predictions of higher than expected profits (file photo)
M&S ambassadors include Holly Willoughby (left) and M&S meal deals, high quality wine and a partnership with TV chef Tom Kerridge (right) to promote its Remarksable value range have won customers
Her expertise in turning around trends, sometimes taking just a month from design to checkout, has been key.
Summer successes include linen dresses, with sales up 56 per cent, and swimwear, up 27 per cent.
Best sellers include a black £35 plunging scalloped style swimsuit modelled by Vogue Williams, who is part of a roster of M&S ambassadors including Holly Willoughby and Binky Felstead.
Yesterday, the company, whose share price has surged a remarkable 70 per cent this year, indicated that profits are likely to be ahead of expectations.
The unexpected statement helped raise the share prices of other retailers including Next and the owner of Primark.
Best sellers include a black £35 plunging scalloped style swimsuit modelled by Vogue Williams (left) and fashion hits include the £35 oversized ‘girlfriend’ linen shirt (right)
Under chief executive Stuart Machin, M&S is investing in technology and e-commerce, and carrying out a radical overhaul of its store estate.
M&S said: ‘We now expect the outcome for the year to show profit growth on 2022-23, and the interim results to show a significant improvement against previous expectations.’
Head of money and markets at Hargreaves Lansdown, Susannah Streeter, said: ‘By raising its profit outlook M&S shows how much more resilient shoppers are proving to be despite the ongoing storm of inflation and high interest rates.’
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