M&S upgrades profit outlook as market share in food and clothing grows

Marks & Spencer has said it expects increased profits for the current financial year, unexpectedly upgrading its outlook after growing its market share in food, clothing and homeware.

In an unscheduled update to the City, the high street retailer told investors its interim results, due to be published in November, would show “a significant improvement” against previous expectations.

M&S said that in the first 19 weeks of the financial year, like-for-like food sales grew 11% and clothing…