Marks & Spencer has reported pre-tax profit of £325.6m for the first half of its financial year, an increase of 56.2% from £208.5m in the same period a year ago.
Profit before tax and adjusting items was up 75.3% to £360.2m, despite £30m of discounts on food products.
Total sales across the company grew by 10.8% to £6.1bn, with Food sales up 14.7% and Clothing & Home sales up 5.7%.
The retailer said that its turnaround strategy had helped to boost customer numbers and market share in both areas of the business.
However, its joint venture with Ocado delivered a £23.4m loss.
During the six-month period Marks & Spencer opened three full-line stores and renewed another six.
The company said that its cost reduction programme is on track with savings of over £100m delivered in the first half, and the recovery strategy at Ocado Retail has “started to have some impact”.
An interim dividend will be paid to shareholders for the first time in four years.
Chief executive Stuart Machin warned that high interest rates, slower price rises, global conflict and erratic weather could hit trading in the coming year.
“Progress won’t be linear, but we are ambitious for future growth and are driving what is in our control,” he said.
