LONDON (Reuters) – British retailer Marks & Spencer (OTC:) on Thursday nudged up its profit outlook after it reported a strong Christmas performance, particularly in food, where it outperformed the market.

M&S, Britain’s most famous stores group which is recovering from a decade of decline, said it now expected full-year profit before tax and adjusted items to be at least 500 million pounds ($686 million) compared to previous guidance of about 500 million pounds.

The company reported that food sales rose 12.4% in 13 weeks from Jan. 1 compared to its performance pre-pandemic two years earlier, beating market expectations of 10%.

Surprisingly, clothing and home sales grew 3.2%. According to the market, there would be a 0.9% drop.

Steve Rowe, Chief Executive Officer stated that “Trade over Christmas has been strong. This is a testament to the ongoing improvements we’ve made in product and value.”

He said food had outperformed the market over both 12 and 24 months, while clothing & home had delivered growth for the second successive quarter, supported by more full-price sales.

It is clear that Britain may finally see the end of one its longest-running turnarounds. M&S’s shares have nearly doubled over the past year.

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