LONDON (Reuters) – British retailer Marks & Spencer on Wednesday beat forecasts for first-half profit and raised its full-year outlook, adding to evidence that its latest attempt at an elusive turnaround is delivering.
The 137-year-old clothing and food group, one of the biggest names in British retail, said it made profit before tax and adjusting items of 269.4 million pounds ($363.4 million) in the six months to Oct. 2 versus analyst forecasts of 205-264 million pounds. It made a loss before tax and adjusting items of 17.4 million pounds in the same period last year.
M&S raised its forecast for full-year profit before tax and adjusting items to about 500 million pounds from previous guidance of over 350 million pounds versus 41.6 million pounds made in 2020-21.
(Reporting by James Davey; Editing by Kate Holton)
