M&S profits rise but retailer warns of £60m hit from Reeves’s budget

Marks & Spencer’s pre-tax profits hit £407.8m for the six months to October, up 17% on the same period last year. Photograph: Christopher Thomond/The Guardian

Marks & Spencer has reported a better than expected jump in profits but warned that measures in last week’s budget could cost the company more than £60m next year.

The British retail chain’s pre-tax profits hit £408m for the six months to October, up 17% on the same period last year, bolstered by sales rising 8.1% for food and 4.7% for clothing and homeware.