By Adria Calatayud
Marks & Spencer Group PLC on Friday raised its adjusted profit guidance for fiscal 2022 as a result of a strong start to the year, with sales growth across all segments.
The U.K. retailer said it now expects that adjusted pretax profit for the year that began on April 4 will be above the upper end of its previous guidance of between 300 million and 350 million pounds ($409.2 million-$477.4 million).
M&S said group revenue for the 19 weeks to Aug. 14 was up 29% on the same period last year, with a 92% rise in clothing-and-home, a 40% increase in international and an 11% rise in food.
The company said its encouraging performance confirms that its transformation program is on track.
However, M&S said there has likely been an element of pent-up consumer demand at the start of fiscal 2022 and that there is uncertainty as to whether strong consumer demand will continue. Moreover, supply-chain disruptions could put pressure on costs and margin, the company said.
Write to Adria Calatayud at adria.calatayud@dowjones.com