Marks & Spencer has raised its financial guidance after “strong trading”, telling investors it will deliver higher profits for the year.

The historic high street business said it has increased market share in both its clothing and home, and food businesses over the past 19 weeks.

It comes amid a challenging backdrop for the retail sector, as higher mortgage costs and household bills have put pressure on shoppers’ budgets.

On Tuesday, the company recorded an 11% sales rise in its food operation, while its clothing and home business saw sales grow by “over 6%”.

The clothing and home arm reported particularly “strong” growth in its stores, with “subdued growth” online.

It added that it sold more products at full price, meaning less stock went into its latest sale than previously planned.

M&S said its half-year results for the six months to September, which are due to be released in November, are expected to be ahead of earlier forecasts.

In a statement, the retailer said: “There remain considerable uncertainties about the economic outlook, and there is a risk that the consumer market will tighten as the year progresses.

“Nevertheless, we now expect the outcome for the year to show profit growth on 2022-23, and the interim results to show a significant improvement against previous expectations.”

Charlie Huggins, manager of the Quality Shares Portfolio at Wealth Club, said: “Following on the heels from Next’s recent profit upgrade, M&S has also announced that it expects profit for the year to be above expectations.

“This is evidence that the UK consumer is still spending, despite the gloomy economic headlines.”

Shares in M&S were up 8.5% in early trading on Tuesday.