Marks & Spencer Gets Boost as Retailer Keeps Profit Outlook

Marks & Spencer Group Plc, the U.K.’s largest clothing retailer, reported increased holiday sales led by gains in its food unit and maintained the full-year profit outlook as cost reductions offset discounts on apparel.

Revenue at U.K. stores open a year or more rose 0.5 percent in the 13 weeks ended Dec. 31, the London-based company said today. Same-store sales at the food unit gained 3 percent, beating the 2 percent median estimate. U.K. general-merchandise sales fell 1.8 percent, missing the median estimate of 15 analysts surveyed by Bloomberg for a 0.5 percent decline.