Future Of British Business
M&S Shares Jump After Dividend Returns and Profit Soars
- Sales of food led the increase in first-half revenue
- CEO says Ocado venture to take three years to reach potential
Marks & Spencer Group Plc shares rose to the highest in almost two years after its progress with a decades-long turnaround allowed the UK food and clothing retailer to reinstate a dividend for the first time since 2019.
Profit before tax and other items rose 75% to £360 million ($442 million) in the six months through September, M&S said Wednesday. Sales of food led the advance as M&S seeks to pull in customers for their full weekly shop with lower prices. The stock rose as much as 11%, making it the biggest riser on the FTSE 100.