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Marks & Spencer (OTC: MAKSY) surpassed first-half profit predictions and upped its full-year outlook on Wednesday, providing further evidence that the retailer’s latest effort at an elusive turnaround is working.
The 137-year-old apparel and food firm, one of the largest names in British retail, reported a profit before tax and adjustment items of 269.4 million pounds ($363.4 million) in the six months to Oct. 2, compared to analyst projections of 205-264 million pounds.
In the same period last year, it lost 17.4 million pounds before tax and depreciation. M&S increased its expectation for full-year profit before tax and adjustment items to around 500 million pounds, up from earlier guidance of over 350 million pounds vs 41.6 million pounds in 2020-21.
Story by : Norvisi Mawunyegah