The retailer pointed to clothing and home sales – increasingly made online – bouncing back to just below pre-pandemic levels as well as a big boost to food revenues as evidence that its turnaround plan was working.
M&S said the trading performance was likely to reflect pent-up demand and cautioned that “substantial uncertainty” over consumer demand remained while supply chain disruption was putting pressure on costs.
“However, assuming no further COVID-related restrictions on trading, at this early stage we expect adjusted profit before tax for the year to be above the upper end of previous guidance of £300-350m,” the retailer said.
