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M&S sees half-year profits soar M&S sees half-year profits soar
(10 minutes later)
The recovery at Marks and Spencer (M&S) has continued with the retailer reporting a 32% rise in profits.The recovery at Marks and Spencer (M&S) has continued with the retailer reporting a 32% rise in profits.
It is the High Street icon's biggest profits for nine years, since the first half of the 1997/98 financial year.It is the High Street icon's biggest profits for nine years, since the first half of the 1997/98 financial year.
M&S reported pre-tax profits of £405.1m ($770m) for the six months to 30 September, up from £305.7m in the same period a year ago.M&S reported pre-tax profits of £405.1m ($770m) for the six months to 30 September, up from £305.7m in the same period a year ago.
It follows strong food and clothes sales growth, store refurbishment and a marketing campaign featuring Twiggy.It follows strong food and clothes sales growth, store refurbishment and a marketing campaign featuring Twiggy.
We believe we are well positioned for the all-important Christmas period Stuart Rose, M&S chief executive See M&S share price
Experts also say the firm has transformed its clothing ranges from the practical to the stylish.Experts also say the firm has transformed its clothing ranges from the practical to the stylish.
The profits are further good news for chief executive Stuart Rose, who took over in 2004 to repel a £9bn takeover bid from Sir Philip Green.The profits are further good news for chief executive Stuart Rose, who took over in 2004 to repel a £9bn takeover bid from Sir Philip Green.
After the results announcement, Mr Rose said: "We had a good first half. We have delivered better product, better service and better store environment.After the results announcement, Mr Rose said: "We had a good first half. We have delivered better product, better service and better store environment.
"We have gained market share in all areas in which we trade.""We have gained market share in all areas in which we trade."
The firm says its overall like-for-like sales - which strip out the effects of new store openings - were up 6.4%.The firm says its overall like-for-like sales - which strip out the effects of new store openings - were up 6.4%.
M&S said that footfall increased "significantly" with 19 million more visits over the half, "driven by better values, with style and innovation".M&S said that footfall increased "significantly" with 19 million more visits over the half, "driven by better values, with style and innovation".
Mr Rose added the company was "well positioned for the all-important Christmas period".Mr Rose added the company was "well positioned for the all-important Christmas period".
'Big hill'
However, he told the BBC Radio 4's Today programme it was too soon to get carried away by the results.
"It is a tough market out there," he said, and pointed out that the company still had to modernise 65% of its stores. "That is a big hill to climb."
He said that while M&S was being asked to open more stores overseas, "we must get our UK business on track first".
He added that trading growth during October was in line with the first-half figures.
M&S's total market share for clothing rose by 0.9 percentage points to 10.1%, following strong growth in womenswear, lingerie, menswear, and childrenswear. Like-for-like food sales were up by 4.7%.