This is why Marks & Spencer has issued an unexpected profit upgrade

Marks & Spencer has issued an unexpected profit upgrade, with bosses saying sales of food and clothes have outperformed expectations.

Library images of a Marks & Spencer window display, on Oxford Street,

The high street retailer said food sales are up 10.8% in the 19 weeks to August 14 and up 9.6% on the same period in 2019, with clothing and home sales now 92.2% ahead of last year’s levels and down 2.6% on 2019 in a declining division for the brand.

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M&S said there has been pent-up demand, adding its new turnaround strategy appears to be worked.

It added: “There remains substantial uncertainty as to the continued strength of consumer demand, as well as disruption in both supply chains and consequent pressures on costs and margin.”