Marks and Spencer has released its half year results for 26 weeks ended 28 september 2019, showing Food like-for-like sales growth of 0.9% driven by volume.
During the period, M&S completed the acquisition of 50% of Ocado Retail and plans for the M&S supply is progressing well.
Steve Rowe, Chief Executive, said, “Our transformation plan is now running at a pace and scale not seen before at Marks & Spencer. For the first time we are beginning to see the potential from the far reaching changes we are making.
'The Food business is outperforming the market. Our deal to create a joint venture with Ocado is complete and plans to transition to the M&S range are on track.'
At M&S Food, the substantially new leadership team is on track with the original timetable and results are beginning to show.
While the Food division stayed on course, the brand's Clothing & Home like-for-like sales dragged the group's overall results down with a fall of 5.5%.