Marks & Spencer is on track to re-enter the FTSE 100 after the UK retailer upgraded its annual profit outlook.
The company said on Tuesday that like-for-like clothing and home sales were up by more than 6% in the first 19 weeks of its financial year, with strong growth in stores, while food by sales climbed 11%.
Shares in M&S were up by 7% in early trading on Tuesday, taking their gains this year to more than 60%.
Its current market capitalisation of £4.3bn would qualify M&S as a FTSE 100 entrant — almost four years after it was demoted for the first time in its 139-year history.
M&S has been overhauling its retail estate, updating older stores and increasing the number of standalone food halls by more than 100.
It wants to rationalise to 180 larger stores that stock clothing and homeware, down from 247.
