Rejuvenated British retailer Marks and Spencer (M&S)beat market forecasts with a 30 per cent rise in first-half profit today thanks to a sharp recovery in sales and cheaper buying.
M&S said pre-tax profits jumped to £287 million sterling compared with forecasts of £266 million to £280 million.
The architect of the revival of one of Britain's best-known high street names, chairman Mr Luc Vandevelde, said the results showed M&S was delivering on its promises. The firm has delivered four consecutive quarters of growth.
Turnover rose 7.9 per cent to £3.691 billion and the dividend was raised 8.1 per cent to four pence.
M&S has hauled itself out of a sales slump over the last year by switching to foreign suppliers, revamping stores and introducing new designers and brands such as the Per Una young fashion range by George Davis and David Beckham's DB07 boyswear.
The chain said its childrenswear performance was poor in the first half of the year but there had been a strong response to the David Beckham range launched in September.
M&S shares have outperformed the British retail sector by 12 per cent in the past six months.