Between 2011 and 2020, M&S’s clothing and home sales fell year-on-year as shoppers bought cheaper basics, such as underwear, rather than more expensive products. 

However, management’s turnaround efforts are now yielding results. 

In January, figures from Kantar revealed M&S’s share of the clothing market was the highest it had been in almost eight years.

RBC analysts said the business had recently benefitted from a “better offer and execution”. 

The performance has been boosted by M&S selling more external brands in its stores, such as Hobbs and White Stuff.

The Telegraph revealed in March that M&S executives were planning to increase the number of third-party brands it sells to 100. 

Privately, directors want to generate as much as £1bn in revenues from third-party lines, meaning brand sales could soon account for almost a tenth of total revenues.

At the same time, 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 180 larger stores that stock clothing and homeware, down from 247. 

The food business has been buoyed by M&S expanding its range, while there has also been “improved value for money perception”, RBC analysts said.