M&S announces 4.6% rise in pre-tax profits

| May 25, 2010

British retailing giant, Marks and Spencer (M&S), has today announced pre-tax profits totalled £632.5 million for the 12 months to 27 March - a rise of 4.6% on the same period a year ago.

UK like-for-like sales, which strip out the impact of new store openings, grew 0.9% over the 12-month period.

Sales of general merchandise, which includes clothes, increased 1.6%.

Furthermore, food sales (which have suffered due to strong competition from Waitrose), increased by 0.3%.

However, the 126-year-old retailer which sells clothes, food and homewares, said it remained cautious about the outlook for consumers in the coming year - particularly about any impact of the emergency Budget next month.

Commenting on the results, the firm’s chairman Sir Stuart Rose, told Sky News: “We had to concentrate hard during the recession to get back to our core values, get our heads down and keep delivering.

“We came through it pretty much unscathed as a business,” he added.

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