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