UK retailer Marks & Spencer (M&S) reported statutory profit before tax of £355.1m ($477.9m) for the first half (H1) of 2026, compared with £3.4m a year earlier, after recovering from a cyber incident last year.
For the period ended 26 September 2026, group sales rose 16.2% to £9.26bn.
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Statutory revenue increased 15.4% to £9.17bn while statutory operating profit reached £438.1m, up from £91m in the prior-year period.
Adjusted profit before tax increased to £403.2m from £184.1m.
Food sales rose 13.9% to £5.16bn, with UK volume growth of 11.9%.
Fashion, home and beauty sales increased 17.5% to £2bn while international sales rose 22.1%.
The company attributed international growth to franchise, marketplace and wholesale channels, despite disruption in the Middle East.
Ocado Retail, which is 50% owned by M&S and 50% by Ocado Group, reported sales of £1.78bn for the comparable 26-week period, an increase of 16%.
M&S completed 18 store investments in the first half, comprising 13 new or extended stores and five renewals.
It also continued to invest in distribution capacity at Daventry and Avonmouth, alongside digital and technology capabilities.
Capital expenditure for the current financial year is expected to be approximately £750m, with around two-thirds allocated to food.
The company expects full-year food margins to exceed 2024/2025 levels and fashion, home and beauty profitability to improve progressively. The company expects full-year adjusted profit before tax to be in line with current market expectations.
M&S CEO Stuart Machin said: “We enter the second half in a strong position, with a solid performance in October under our belts. We are ready to deliver an unforgettable Christmas for our customers, with the best food and fashion ranges we’ve ever had.
“I want to thank our colleagues for the energy and commitment they bring to M&S every day, particularly as we enter our busiest time of year, and a special thank you to our customers, who have been unwavering in their support.”
Last month, M&S unveiled its plans to recruit 11,000 seasonal workers across its stores for Christmas.
