Marks & Spencer has revealed that its shares have increased by almost 12% following the issuance of a surprise profits upgrade.

M&S shared the good news, saying its “encouraging performance” had confirmed that its Never The Same Again transformation programme -aimed to cut costs and has led to several store closures.

Revenues from its food business in the 19 weeks leading to 14 August were up 10.8% on last year and 9.6% on 2019-20.

M&S further stated that its clothing and home business had seen a “good recovery” with revenue up 92.2% from last year and down just 2.6% on 2019-20.

However, they warned that there remained “substantial uncertainty as to the continued strength of consumer demand, as well as disruption in both supply chains and consequent pressures on costs and margin”.

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