Denim, dresses and more affordable food help lift sales and profits at M&S

Retailer to restart dividend payments but warns of challenging year ahead as costs continue to rise

• M&S's recovery finally looks like the real deal
• When it comes to fashion, M&S is on the right wavelength

Strong sales of denim, dresses and office wear as well as more affordable food have lifted profits at Marks & Spencer, with the retailer promising to restart dividend payments for the first time since the pandemic.

M&S plans to restore a modest" annual payment to shareholders, starting with an interim dividend in November, after underlying pre-tax profits rose by 21% to 476m in the year to 1 April, with sales increasing 9.6% to nearly 12bn.