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M&S profits break £1bn barrier
Results better than expected given tough trading conditions.
Pre-tax profit for the 52 weeks to 29 March rocketed by 20.5 per cent to £1.13bn. Sales rose by 5% to £9bn, aided by new space in the UK. International sales grew by 16.8%.A 6.8% increse in food sales boosted a fourth quarter UK sales rise of 3.7%.
Sir Stuart Rose, Chief Executive, said: ‘Despite tougher economic conditions in the second half, M&S had a good year. Profit before tax was up at over £1.0bn with earnings per share up 8%. We have returned £914m to shareholders through the buy-back of 7.4% of our shares and a 23% increase in our dividend. ‘The Company did not meet its internal bonus targets set in April 2007 and consequently will not be paying a bonus. However, we will be paying £12.8m to store teams recognising their hard work in delivering great service and dealing with significantly increased volumes.
Topics: M&S |
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