Marks & Spencer Group today reported first-half profit that beat analysts' estimates, sending the shares up the most in seven months.
Net income was £224.3 million, or 14.2 pence a share, in the six months ended September 26th, compared with £223.2 million a year earlier, the London-based company said today.
Adjusted pretax profit at the United Kingdom's largest clothing retailer rose to £298.3 million.
M&S said it increased its share of the so-called value clothing market by 0.1 percentage point to 10.1 per cent as the retailer aimed to match competitors' prices.
"We have had a good start to the third quarter," Executive Chairman Stuart Rose said in the statement. "The market remains competitive and we remain cautious about the outlook for Christmas and the year ahead."
M&S also said today it will extend the sale of 400 branded grocery products across Britain after a regional trial proved successful. The initiative is aimed at retaining shoppers who are reluctant to buy only the retailer's own food labels.
Competitor Next also said today that third-quarter sales were better than the company expected.
UK consumer confidence held at the highest level in one-and-a-half years in September, according to figures released today by the Nationwide Building Society.
Bloomberg