After being kicked off London’s FTSE 500 four years ago, Marks & Spencer has made a spectacular turnaround that few thought was possible.

In its September earnings report M&S reported H1 pre-tax profit rose 17% to £408 million ($526 million).  Sales of clothing and homewares rose 4.7% during the period.

This followed a full year sales rise of 9.4% to £13.1 billion ($16.7 billion), where pre-tax profit rose 41% to £716.4 million ($912 million). Apparel and home furnishing sales rose 5.3%.

The retailer attributed this success to a shift to everyday trusted value, along with full price sales mix increasing from 63% to 81% since 2019/20.