Marks & Spencer Announce Profit Increase

Marks & Spencer announced their preliminary results yesterday for 52 weeks ending March 29. Group operating profit is up 21.1 per cent to GBP 761.8 m, earnings per share up 39.6 per cent to 22.2 p per share. Turnover is up six per cent, to just over GBP 8 billion.

A continual focus on improving product appeal, quality and availability has enabled M&S to deliver profit and market share growth.

In UK clothing, sales increased by ten per cent, due to a strong performance in the first three quarters, although in the fourth quarter performance was level year-on-year. Marketshare increased by 0.7 per cent, showing gains in all areas of mens and womens clothing, casualwear and lingerie.

Roger Holmes, Chief Executive of M&S, comments "we are excited by our potential to drive for future growth by deepening our relationship with our most loyal customers. We recognise that we are operating in a testing environment, but we also see significant ups for improved efficiency in costs to underpin our performance as we build for the future."

M&S is planning to open 50 food-only outlets and a homeware store starting this year.