Marks & Spencer's Remarkable Rebound: Eyes on a Bright Christmas

British retailer Marks & Spencer reports a 17% surge in first-half profit, attributed to its successful turnaround strategy. With robust Christmas sales expectations, M&S shares soar to an eight-year high. However, the retailer anticipates challenges from inflation, tax, and wage increases in the near future.

Marks & Spencer, the renowned British retailer, has projected a robust Christmas trading season following a remarkable 17% profit increase in the first half of the fiscal year. This success signals the effectiveness of its latest turnaround efforts, propelling its shares to heights not seen in over eight years.

On Wednesday, M&S shares rose by 6%, marking an impressive 80% increase over the past year. The company reported a profit of 407.8 million pounds in the six months leading to September 28, surpassing analysts' predictions. Revenue grew by 5.7% to 6.48 billion pounds, with food and clothing sales exceeding expectations.

CEO Stuart Machin expressed confidence in achieving a strong festive season, citing increased consumer spending. Meanwhile, M&S acknowledges challenges ahead, including potential impacts from tax and wage hikes. Despite these issues, Machin indicated that price increases are not imminent.

(With inputs from agencies.)