You are here: Home - Uncategorized -

Marks sparks again as its recovery gathers pace

0
Written by:
22/05/2007

Marks & Spencer is back on track to be a successful player in the UK retail sector and has posted a 28.5% increase in annual pre-tax profit to £965.2m.

The figure is not far short of the record £1bn profit it saw in 1998, just before the company began a slow decline into a failing business.

The firm reported a 6.1% increase in underlying UK sales, without the effect of new store openings taken into account, and in 240 overseas stores.

However, despite the success, some analysts have warned that with interest rates on the increase, future growth will slow. “This is an excellent result,” said retail analyst Debbie Harrison, “but the company will be hard-pressed to keep it up.”

The better performance this time around was driven by stronger demand for food and clothes, supported by an extremely well received advertising campaign featuring Twiggy, Myleene Klaas and other celebrities.

As a reward for the improvement, M&S staff will collectively receive a bonus of £90m, with £26m allocated for customer assistants.

Chief executive Philip Rose said: “The next step is broadening the business, creating new and exciting products for customers and new and exciting experiences for customers.

“We continue to improve our product ranges, offering customers better value, quality, innovation and newness.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Northern cities provide a home to the ‘credit cruisers’

Northern cities show the highest level of ‘credit cruisers’ (people who never pay off their credit card debt at the end of the...

Close