British retailer Marks & Spencer boosted earnings estimates after announcing strong performance for Christmas, especially in food, where it outperformed the market.
M&S, Britain’s most famous department store, recovering from the recession of almost a decade, said it now expects pre-tax adjusted earnings for the full year, at least 500 500m ($ 686m) from the previous year. estimated at around εκα 500 million.
The company said food sales were up 12.4% from pre-pandem performance two years ago, in the 13 weeks to January 1, exceeding forecasts for a 10% increase.
Clothing sales rose 3.2% on the same basis, also surprisingly positive, as the market expected a decline of 0.9%.
The CEO stressed that food activities had outperformed the market throughout the year, while the clothing sector had grown for the second consecutive quarter.
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Source From: Capital
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