M&S profits up but is cautious about consumer spending pressures

| May 24, 2011 | 0 Comments

British retailing giant Marks & Spencer (M&S) has today reported a 13% rise in annual profits to £714.3 million.

Meanwhile, international sales grew 6.1%, while sales in the online operation rose 31%.

However, despite the positive figures, the 127-year-old retailer which sells clothes, food and homewares, said the coming year will be challenging due to rising inflation and the Government’s spending cuts which will put pressure on consumers.

The company was hit hard during the recession as clothes shoppers opted for cheaper alternatives such as Asda’s George and discount clothing retailer Primark.

However, it appears to have recovered well after figures show around 21 million customers pass through its doors each week.

As part of a turnaround, it introduced initiatives such as Dine In For £10, and an advertising campaign featuring X Factor judge Dannii Minogue, former footballer Jamie Redknapp, and model Twiggy.

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