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22/05/2007
Marks & Spencer unveil profits rise
High Street retailer Marks & Spencer has unveiled a dramatic increase in profits in its latest figures.
M&S posted annual pre-tax profits of £965.2 million last year - an increase of 28.5%.
The retailer's staff will benefit from the rise with its 72,000 employees benefiting from a bonus of more than £90 million.
M&S' profile has been boosted by a number of high profile advertising campaigns for its food, as well as its clothing range, which included celebrities such as Twiggy and Myleene Klass.
Chief Executive Stuart Rose, the former Arcadia boss, has been credited for turning the chain's fortunes around. In 2001, profits had slumped to a low of £145.5 million. The latest figures showed a 6.1% increase in underlying UK sales and found that the retailer now had an 11.1% share of the UK clothing market and 4.3% of the food market.
M&S now plans to create 10,000 new jobs in the UK over the next three years as is sees to expand the business overseas and online.
(KMcA/SP)
M&S posted annual pre-tax profits of £965.2 million last year - an increase of 28.5%.
The retailer's staff will benefit from the rise with its 72,000 employees benefiting from a bonus of more than £90 million.
M&S' profile has been boosted by a number of high profile advertising campaigns for its food, as well as its clothing range, which included celebrities such as Twiggy and Myleene Klass.
Chief Executive Stuart Rose, the former Arcadia boss, has been credited for turning the chain's fortunes around. In 2001, profits had slumped to a low of £145.5 million. The latest figures showed a 6.1% increase in underlying UK sales and found that the retailer now had an 11.1% share of the UK clothing market and 4.3% of the food market.
M&S now plans to create 10,000 new jobs in the UK over the next three years as is sees to expand the business overseas and online.
(KMcA/SP)
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Profits at the up-market national retailer, Marks & Spencer have slumped. The company's 'bottom line' fell by around 6.1% in the three months up to September. The retailer's results have shown, for the first time, how the current squeeze on consumer spending-power is adversely affecting certain sectors of the high street.
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