What: M&S has reported a significant rise in first-half profit, exceeding expectations with a 75% increase to GBP 360m.

Why it is important: The rise in M&S's first-half profit and sales demonstrates the success of their growth strategy and resilience in challenging market conditions.

The company's sales also saw a boost of 10.8% to GBP 6.2bn during the six months ending on September 30th. They achieved growth in both food (almost 15%) and clothing and home (5.7%), despite unseasonably warm weather. M&S was successful in becoming the leading brand in womenswear in the UK, capturing a 9.5% market share.

The company credited its partnership with Ocado for contributing to a 6.9% increase in Ocado Retail sales. However, Ocado Retail itself experienced losses of GBP 23.4m, primarily due to the closure of its Hatfield site. M&S remains cautious about the second half of the year due to economic uncertainty, but is optimistic about the upcoming festive season and plans for a good Christmas.

M&S reported better-than-expected 75% rise in first-half profit