UK food and clothing chain Marks & Spencer said it expected annual profits to be at the top end of expectations as it reported a sharp rise in revenues during the summer.
Assuming no further Covid-related restrictions on trading, M&S forecast adjusted profit before tax for the year to be above the upper end of previous guidance of £300m – £350m.
Group revenue surged 29.1% in the 19 weeks to August 14 and was 4.4% higher than 2019 before the Covid-19 pandemic struck and forced the closure of the retailer’s stores.
