Surprise profits boost for M and S

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Sir Stuart announced profits of £298.3 million for the six months to September 26, ahead of City forecasts and slightly stronger than a year earlier.

He added that the third quarter of the financial year had got off to a good start, although he warned that trading conditions remained competitive.

Marks has also revealed plans to sell around 400 branded products from firms such as Kellogg's, Coca-Cola and Marmite across its UK store network.

The chain is rolling out the sale of branded household goods and groceries after a successful trial in stores in the North East and South East of England.

M&S said it could "simply never compete" with certain popular brands and was introducing them to its shops for the convenience of customers.

No M&S products are to be dropped as a result of the move, which will focus on lines where the retailer would have a lower share of the market such as soft drinks, beer, laundry and confectionery.

The latest figures reveal that M&S increased sales by 2.8% to £4.3 billion in the half-year period, helped by 12% growth overseas. UK revenues were 1.8% higher, but down 0.9% when changes in store space are excluded.

The company said tight management of costs and operating margins also enabled it to beat last year's profits figure.

The result represents a recovery from earlier in the year, when Marks announced a 40% drop in full-year profits to £604.4 million and cut its annual dividend by 33% - the first such move since 2000.