M&S profits edge ahead
HIGH Street stores giant Marks & Spencer reported a slight increase in full-year year profits as chief executive Roger Holmes admitted the company's recovery had faltered.
Pre-tax profit excluding exceptionals was £763.2m for the 52 weeks to the end of March, up just 0.5% on restated profits of £759.5m achieved a year ago. That tops market forecasts of £753m-£760m.
The dividend is up 9.5% to 11.5p per share.
Turnover at Britain's biggest clothing retailer was up 1.7% to £8.155bn.
M&S has shored up profits with cost-cutting amid disappointing sales.
Like-for-like sales fell 0.4% after an initial surge in the recovery of the clothing and food business faltered. The group said it was clearly 'not satisfied' with its sales progress.
Holmes is under pressure to stop the rot or he could be out of a job. He admitted that the underperformance lost the group 0.2% of its market share.
'We are addressing these issues by taking action covering our products, supply chain, stores and ways of working,' he said. 'We still have a lot to do but I am confident that we can succeed.'
