The retail giant posted pre-tax profits of Â£ 187.3million for the six months to October 2 from losses of Â£ 87.6million a year earlier at the height of the pandemic .
On an underlying basis, pre-tax profits jumped to Â£ 269.4million, up 52.8% from two years before the pandemic, and from losses of Â£ 17.4million of pounds sterling a year earlier.
The group said it expects underlying earnings for the full year to beat expectations, now standing at around Â£ 500million – after already improving its forecast at the end of August.
This comes despite warnings of a “significant” rise in supply chain costs in the second half of the year, which he says will continue into the new fiscal year.
Steve Rowe, Managing Director of M&S, said: âGiven the history of M&S, we have been clear that we will not be claiming our progress.
âBreaking down the numbers is not a linear exercise and we have called the tailwinds of the Covid rebound, as well as the headwinds of the pandemic, supply chain and Brexit, some of which will continue into next year. .
âBut, thanks to the hard work of our colleagues, it is clear that the underlying performance is improving, with our core businesses realizing significant gains in market share and customer perception.
âThe hard yards of long-term change are starting to show in our performance. “