Marks & Spencer has raised its financial guidance after "strong trading", telling investors it will deliver higher profits for the year.
The high street bellwether said it has increased market share in both its clothing and home and food businesses over the past 19 weeks.
It comes despite a challenging backdrop for the retail sector, as higher mortgage costs and household bills have put pressure on shoppers' budgets.
The company reported an 11% sales rise in its food operation, while its clothing and home business saw sales grow by "over 6%".
The clothing and home arm reported particularly "strong" growth in its stores, with "subdued growth" online.
It added that it sold more products at full price, meaning less stock went into its latest sale than previously planned.
READ MORE: Marks & Spencer lifts profit outlook as clothing sales rise
M&S said its half-year results are expected to be ahead of earlier forecasts.
The firm has been implementing a new strategy that includes over the longer term changes to its estate, with the closure of stores such as Sauchiehall Street in Glasgow and the opening of a food hall in Largs, and more recently moves such as reducing discounting.
In November 2019, the company reported a reduction in clothing and home sales of 7.8% over six months, like-for-like food sales increased by just 0.9%, and trading profits were down 17%.
At that stage, it was a fifth of the way through a turnaround plan which it earlier said would see the closure of 100 stores across the UK.
READ MORE: Retailer to open food hall in seaside town
In its last year, to April it said customers were making the most of the return of events, weddings and holidays, with growth generated in its top end while there was further progress in casual wear.
At that stage clothing and home grew sales 11.5% with like-for-like sales up 11.2%, “driven by a more confident approach to buying and a focus on the modern mainstream customer” which it said is “starting to drive better style perceptions”.
Food grew sales 8.7% with like-for-like sales up 5.4%, “outperforming the market in volume and value terms with broadened appeal, through focused product development and investment in trusted value”.
Stuart Machin, M&S chief executive, said then: "One year in, our strategy to reshape M&S for growth has driven sustained trading momentum, with both businesses continuing to grow sales and market share."
READ MORE: Company opens first store and takeaway bar in Scottish city
He said: "Our food and clothing and home businesses invested in value to protect customers from the full force of inflation which, whilst impacting margin, was the right thing to do, as serving our customers well is the only route to delivering for our shareholders.
“Food outperformed the market, with customer perception for quality and value the highest in six years.”
The firm has an estate of around 100 shops in Scotland.
The company said: “The first 19 weeks of the year has seen continued market share growth in both the clothing and home and food businesses, and good progress on the programme to reshape M&S.
“Like-for-like food sales grew over 11%. We made further investment in quality and trusted value, sharpening prices on over 80 'Remarksable Value' lines. Like-for-like clothing and home sales grew over 6%, with strong growth in stores, and more subdued growth in online.
"Sell-through rates have been robust and stock into sale was lower than planned.
“Overall, group operating margin has continued to be robust, driven by strong store performance and enhanced by our store rotation and renewal programme.”
The company also said in its statement: “There remain considerable uncertainties about the economic outlook, and there is a risk that the consumer market will tighten as the year progresses.
"Nevertheless, we now expect the outcome for the year to show profit growth on 2022-23, and the interim results to show a significant improvement against previous expectation."
Interim results, for the 26 weeks ending September 30 will be reported on November 8.
Shares in M&S closed up 16.9p, or 8.26%, at 221.6p.
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