The retailer's joint venture with Ocado drags on profitability and the company says the second half of its financial year may not be so rosy.
Marks & Spencer has credited further progress in its turnaround strategy for a 75% surge in profits, achieved despite £30m of discounting to lure food shoppers amid the supermarket price war. The company, which returned to the FTSE 100 in September after four years of relegation, said it was to restore an interim dividend for the first time in four years. Profit before tax and adjusting items for the six months to the end of September came in at £360.2m - up from £205.
M&S said on Wednesday that it was working to boost its 'reset' strategy for the Ocado partnership, admitting it was in the 'early stages of investment in value, service and increased M&S range'. Its wider turnaround efforts have included the closure of underperforming stores and bolstering fashion ranges while, at the same time, investing in its online sales offering.
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