The recovery of Marks & Spencer continued today when it banked its biggest profits haul for nine years.
The UK high street giant said pre-tax profits were up 32.2% to £405.1m sterling in the six months to September 30.
It came as group sales lifted by 11% to £3.93 billion, driven by a high- profile advertising campaign featuring 1960s style icon Twiggy.
The first-half profits figure was the highest since the £452m the company banked in 1997 when full-year profits topped £1 billion. Some analysts now think that it is possible that M&S can top £1 billion again this year as it puts its recent troubles behind it.
'We had a good first half. We have delivered better product, better service and better store environment. We gained in market share in all areas in which we trade, commented CEO Stuart Rose.
He added that trading growth in the five weeks since September 30 was 'in line with the first-half run rate' despite tougher comparatives with the same period last year. 'We believe we are well positioned for the all-important Christmas period,' said Mr Rose.
M&S reported strong sales in food and general merchandise including clothes. In the final three months of the first half - from July to September - like-for-like sales in the UK were up 6.4% thanks to a 7.9% improvement for general merchandise and a 4.7% lift for food.
M&S improved its market share across the board and now holds 10.1% of the clothing market, reinforcing its position as the largest clothing retailer in the UK.
M&S also said it attracted an extra 19 million people into its stores in the first half of the year, with customers tempted by refurbished stores, better products and the highly successful 'Your M&S' advertising campaign.
