M&S Reports Better-Than-Expected Drop in Profit, Forecasts Modest Revenue Growth for 2023/24
Marks & Spencer (M&S) reported a better-than-expected 7.8% fall in 2022/23 profit, and forecast "modest" revenue growth and a profit outcome ahead of market expectations this year.
The company plans to restore its dividend in November and has made a good start to its new financial year with both divisions growing sales.
However, cost inflation remains high and market conditions are expected to become more challenging.
M&S expects 2023/24 profit to be 5 to 10 million pounds below the 2022/23 outcome.
Shares of M&S rose 13% after the update.
However, cost inflation remains high and market conditions are expected to become more challenging.
M&S expects 2023/24 profit to be 5 to 10 million pounds below the 2022/23 outcome.
Shares of M&S rose 13% after the update.
