Marks & Spencer boosted by food growth while fashion lags behind

Marks & Spencer’s food business is leading its recovery, while its fashion and home division has yet to fulfil its potential. The retailer reported a £355m pre-tax profit for the six months to the end of September, compared with £3m a year earlier, when a cyber attack disrupted its website, stock and sales.

Food sales rose 13.9 per cent to £5.2bn, with 1.5 million more customers and volumes up 12 per cent. Fashion, home and beauty sales increased 17.5 per cent to £2bn, partly against weak comparisons, but M&S said stock shortages meant it missed demand for popular items and designs had leaned too far towards trends. Store sales in the division were down five per cent compared with two years ago, while online sales rose 11 per cent; Oxford Street’s renewed flagship recorded a 27 per cent increase in those sales.