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Marks & Spencer shares surge 11% on surprise profit upgrade

High street retailer puts recovery down to a restructuring programme and pent up demand

Shares in Marks & Spencer jumped 11% after the embattled retailer issued a surprise profit upgrade, as the relaxation of coronavirus restrictions helped sales bounce back to better than pre-pandemic levels in parts of its business.

The retailer, which last year announced its first annual loss in 94 years as a publicly listed company, has cut about 7,000 staff as the pandemic hammered the high street. It provided some welcome good news for investors on Friday, saying it expected annual profits to beat previous guidance of £300m to £350m.

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Read the original article at The Guardian

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