Marks and Spencer's CEO has said he is "positively dissatisfied" with the group's half-year report which saw pre-tax profits up more than 17%, insisting there is "much more opportunity for future growth".
The retail giant forecast "further progress" in the balance of the year after reporting a better-than-expected first-half results, helped by market share gains, adding to evidence its latest turnaround plan is working.
The positive half-year report showed profits rocketing to £407.8million before tax and adjusting items, up from £348.1million last year.
Food sales are also up more than 8%, with clothing and home sales rising 4.7%.
Chief executive Stuart Machin said: "The easy thing to do today would simply be to say that these are good results, but that wouldn't be the right thing to do.
"In the spirit of being positively dissatisfied, we have so much to do over this year and beyond. Despite our strong trading momentum, there is much more opportunity for future growth and that energises us."
Earlier this year, M&S announced plans to close the brand's flagship St Nicholas Street store and plough investment into its Union Square branch instead.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 61 points at 8,245 shortly after opening this morning.
Brent crude oil futures were down 1.22%, trading at $74.61 a barrel.
Companies reporting today
Beazley | Q3 Trading Statement |
Dominos | Q3 Trading Statement |
Lancashire Holdings | Q3 Trading Statement |
Marks & Spencer* | Half Year Results |
Novo Nordisk* | Q3 Results |
OSB Group | Q3 Trading Statement |
Persimmon* | Q3 Trading Statement |
TBC Bank Group | Q3 Results |