M&S profits top £1billion

MARKS & Spencer's annual profits topped £1 billion for the first time in a decade today.The profits of just over £1 billion for the year to March 29 were 4.3% ahead of last year.

MARKS & Spencer's annual profits topped £1 billion for the first time in a decade today.

The profits of just over £1 billion for the year to March 29 were 4.3% ahead of last year, but came alongside a 1.7% fall in like for like sales during the final three months of the year - the second successive quarter of sales declines after a disappointing Christmas.

Chief executive Sir Stuart Rose said he expected market conditions "to remain difficult for the foreseeable future".

M&S paid out a record £91 million in bonuses to its 75,000 staff last year but has slashed the payout this time after it failed to hit internal targets.


You may also want to watch:


The group will however pay out £12.8 million to its 62,000 customer assistants, while a spokesman added that high-performing head office teams could share in a £4 million bonus pot.

Today's results represent M&S's best performance since 1997/98 and exceeded market forecasts of £989 million.

Most Read

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter