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Marks & Spencer posts better-than-expected 75% jump in profits
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Marks & Spencer posts better-than-expected 75% jump in profits
Retailer retakes crown of UK womenswear leader in the summer for first time in four years as ‘Brits fall back in love with M&S’
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Today's agenda
Marks & Spencer has enjoyed better-than-expected profits in its first half but warned of an uncertain outlook.

M&S achieved the leading position in womenswear in the summer for the first time in four years, and took a 9.5% slice of the UK’s clothing and footwear market.

The department store chain reported a 75% jump in pre-tax profits, excluding adjusting items, to £360m for the 26 weeks to 30 September.

It also said it reduced the amount of items sold at discount. Sales of women’s denim and casual trousers climbed 17%, while holiday wear was up 18%. Prices were frozen on school uniforms for the third year in a row, and M&S said improvements to kids’ casual clothes drove sales growth.

Food sales rose 14.7% while clothing and home sales were up 5.7%. M&S said its Christmas ranges were popular with customers.

The retailer said: "Trading momentum has been maintained through October and we are planning for a good Christmas, with customers already responding positively to our ranges.

"However, as we enter 2024, we are not relying on the favourable recent market conditions persisting. The outlook remains uncertain with the probable impact on the consumer of the highest interest rates in 20 years, deflation, geopolitical events, and erratic weather."

In Germany, inflation has slowed, although consumers are still struggling with higher food and energy prices.

Inflation slowed to an annual rate of 3% in October, from 4.3% in September, on the harmonised index of consumer prices, which is comparable with other EU countries. The Federal Statistical Office confirmed a preliminary estimate.

Inflation measured by the consumer prices index slowed to 3.8% from 4.5%, the lowest since August 2021.

Ruth Brand, the president of the Federal Statistical Office, said: "Compared to the medium-term and long-term figures, the inflation rate remains high, however. In particular, consumers are still feeling the higher food and energy prices, which have risen during the extended period of war and crisis.

"Currently, the price increase at consumer level is slowing down somewhat. The year-on-year rate of increase in food prices has continued to fall, and the prices of most energy products were even lower compared with the previous year."

The agenda
• 10am GMT: eurozone retail sales for September (forecast -3.1%)
• 2.15pm GMT: US Federal Reserve chair Jerome Powell's speech

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