Marks & Spencer raises profits outlook but warns over soaring supply costs

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Chief executive Steve Rowe thanked a boost from pent-up demand after lockdowns, but also said “for the first time we can see that the hard yards of driving long-term change are beginning to be borne out in our performance”. This comes despite warnings over “significant” supply chain cost rises over the second half, with disruption set to continue well into the new financial year. Thanks to the hard work of our colleagues, it is clear that underlying performance is improving Steve Rowe, Marks & Spencer But it said the food arm is “well placed” for the challenges, and it has been stocking up for months in its clothing arm to ensure it can “play its part” in ensuring a bigger and better Christmas this year. “Marks & Spencer was one of many companies where the pandemic forced accelerated change and the results are beginning to bear fruit,” he said.