Marks & Spencer shares jumped 17% after the announcement that it returned to profits in the first half of the year 2022, while it upgraded the estimates for the whole year, while warning that the issues in the labor market and logistics, will exercise cost pressures.
The UK company added that it would consider starting dividend payments under the capital allocation scheme as soon as operations return to a steady pace of profit growth.
Pre-tax profit for the six months ended October 2 was 7 187.3m ($ 253.9m), up from 87 87.6m a year earlier.
Adjusted pre-tax profit was 26 269.4 million, compared with a loss of ,4 17.4 million for the six months ending September 26, 2020.
M&S said it expects to announce adjusted pre-tax profit for the year, amounting to 500 500 million, higher than the estimate for 350 350 million in August.
Revenue for the first half rose to, 5.11bn from ,0 4.09bn.
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
