UK-based retailer Mark and Spencer (M&S) has delivered a statutory profit before tax of £325.6m ($399.74m) in the first half of fiscal year (FY) 2023/24.

This is an increase of 56.2% from £208.5m in the same period of FY22/23.

The retailer’s profit before tax and adjusting items also grew 75.3% to £360.2m.

M&S registered an operating profit of £315.0m in H1, an increase of 83.7% from £171.5m a year ago.

For the 26 weeks ending 30 September, the company’s statutory revenue rose 10.8% to £6.13bn and its sales grew by 10.8% to £6.16bn.

Food, as well as clothing and home sales, increased by 14.7% and 5.7%, respectively, in H1. Sales of Ocado Retail increased by 6.9%. At constant currency, its international sales also grew by 3.9%.

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By GlobalData

M&S reported basic earnings per share of 10.6p in H1 FY23, up 24.7% from 8.5p a year ago.

M&S chief executive Stuart Machin said: “Our strategy to reshape M&S for growth has delivered strong results in the first half. We have maintained our relentless focus on trusted value, giving our customers exceptional quality products at the best possible price.

“Sales growth was supported by our investment in store rotation, which continued at pace. Three full-line stores opened and six were renewed, all attracting new customers and performing ahead of plan. Our cost reduction programme is on track with over £100m savings delivered in the half and investment in supply chain modernisation driving efficiencies, translating volume growth to improved margin and profitability.

“Looking ahead, trading momentum has been maintained through October, with customers responding positively to our Christmas ranges. There will be challenges and headwinds in the year ahead and progress won’t be linear, but we are ambitious for future growth and are driving what is in our control.”