Marks & Spencer delivered its first set of positive sales figures in eight quarters and said that profits for the first half would be at the top end of market expectations.
In a second-quarter performance that outstripped most analysts' forecasts, M&S said same-store UK sales rose 1.3%, reversing a 5.4% decline in the first quarter.
Total group sales rose 3.3%, with same-store sales in general merchandise - clothing and homewares - down just 0.2% compared with an 11.2% first-quarter decline. Same-store food sales were up 2.7%.
Shares in M&S have made strong gains in recent weeks on widely discredited market rumours that a management buyout was in the offing.
Later this afternoon the good results were slightly shadowed by an announcement that George Davies, consultant to the firm's Per Una business, had resigned.
In a statement M&S said that Mr Davies had a 12 month notice period and to ensure a smooth transition will remain committed to the Per Una business for that time.
Per Una has been one of the biggest areas of sales growth for M&S sales. As well as Mr Davies, the division's finance director Andrea White and head of merchandising Melanie Davies also resigned.
