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Britain’s M&S raises turnaround hopes with profit beat and upgrade -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: A general view of Marks & Spencer, amid the spread of the coronavirus disease (COVID-19), in Leicester, Britain, May 27, 2021. REUTERS/Andrew Boyers

LONDON (Reuters) – British retailer Marks & Spencer (OTC:) 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 clothing and food retailer, which dates back to 137 years, reported that it had made profits before tax and adjustment items of 269.4million pounds ($363.4million) during the six-month period ending Oct. 2, versus analysts’ expectations of 205-264 million. The same period in last year saw a 17.4 million pound loss, before taxes and adjustment items.

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.

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