Marks & Spencer has reported a sharp recovery in first-half profit as it bounced back from the cyberattack that stopped all online sales for around six weeks last year. The retailer said on Wednesday 4 November that statutory pre-tax profit rose to £355.1 million in the 26 weeks to 26 September, up from just £3.4 million a year earlier. Adjusted pre-tax profit more than doubled to £403.2 million, from £184.1 million, ahead of the £399 million consensus cited by RBC Capital Markets.

Food drives the recovery

Food was the engine of the turnaround. Food sales grew 13.9% year on year to £5.16 billion, with adjusted operating profit soaring to £288.6 million from £89.1 million. Chief executive Stuart Machin said the group served a record number of customers during the half and had "hit the ground running", accelerating its transformation and growing market share in both businesses.

Clothing still lags

The clothing arm recovered more slowly. Fashion, Home & Beauty sales rose 17.5% to £2.00 billion, but adjusted operating profit of £150.5 million was below consensus and nearly £93 million lower than two years earlier, reflecting a tougher apparel market and lingering availability problems after the attack. Machin said availability issues linked to manual ordering had now been resolved and performance should improve in the second half.

Outlook

M&S expects full-year adjusted pre-tax profit to be in line with current market expectations, with analysts on average forecasting £941 million. The Ocado joint venture swung to a £25.6 million half-year profit from a £3.1 million loss a year earlier. Shares have risen about 31% in 2026.