M&S report profits, but cautious ahead

M&S on Tuesday reported a 5% increase in annual sales at £632m.

Said Sir Stuart Rose: “Marks & Spencer has had a good year. We have improved performance in all core areas, demonstrating the resilience of the M&S brand. We took action to guide M&S through the recession without losing sight of what matters most to our customers – quality and value. In clothing, we grew market share in all areas and catered for customers looking for both great value wardrobe staples and quality investment pieces.”

“I am delighted that Marc Bolland has now joined us as Chief Executive. I look forward to working with him to ensure a smooth transition, and with the board to identify a new chairman.

“With the worst effects of the recession behind us, strong foundations in place, and our core values intact, I am confident that M&S is well set for growth under Marc’s direction.

“We have had a satisfactory start to the first quarter. Consumers are naturally concerned about any impact of the budget on 22 June. We therefore remain cautious about the outlook for the year ahead.”

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