Marks & Spencer: H1 profit up

(CercleFinance.com) - The retail group announces H1 results to 28 September 2024.
Profit before tax and adjustment items rose 17.2% to £407.8m (vs. 2023/24: £348.1m).

Statutory profit before tax stands at £391.9m (vs. 2023/24: £325.6m).

Food sales rose 8.1% and adjusted operating profit was £213.1m (vs. 2023/24: £158.4m), with a margin of 5.1%.

Clothing and home sales were up 4.7%. Adjusted operating profit was £242.2m (2023/24: £240.9m), with a margin of 12.0%.

International sales at constant exchange rates were down 10.3%, with adjusted operating profit of £15.2m (vs. 2023/24: £32.4m).

As we enter H2, we expect this environment to persist. Nevertheless, in the first five weeks of H2, overall activity remains on track, and we are confident of continued progress for the remainder of the year' says the group.


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