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21/05/2002
M&S stage impressive profits recovery
High street retailer Marks & Spencer has unveiled a 30% rise in profits thanks to booming sales of its newly introduced clothing ranges.
Pre-tax profits for the year until March 2002 stand at £646.7 million, easily exceeding most analysts' predictions - and the company's results for last year, which amounted to £494.8 million.
Sales have also risen by 3.8%, representing a revival in the fortunes of M&S, recently dismissed as a brand "in terminal decline". These improved levels of performance have been aided by a cost-cutting programme implemented by M&S Chief Executive Luc Vandevelde, who took over as head of the company in February 2000, at a time when the glory days of M&S were a distant memory.
While the past few years have not have been easy for the retail firm, Vandevelde appears to have stayed true to his promise to turn around the fortunes of the company by mid-2002, and Tuesday's results suggest that the store is back on track despite increasing levels of competition on the high street by new names such as Zara, a Spanish-owned store that offers cut-price versions of catwalk outfits.
Commenting on the profit figures, Mr Vandevelde said: "I recognise our performance was helped by the buoyant high street trading conditions and now our task is to secure the recovery and build for our future."
(CL)
Pre-tax profits for the year until March 2002 stand at £646.7 million, easily exceeding most analysts' predictions - and the company's results for last year, which amounted to £494.8 million.
Sales have also risen by 3.8%, representing a revival in the fortunes of M&S, recently dismissed as a brand "in terminal decline". These improved levels of performance have been aided by a cost-cutting programme implemented by M&S Chief Executive Luc Vandevelde, who took over as head of the company in February 2000, at a time when the glory days of M&S were a distant memory.
While the past few years have not have been easy for the retail firm, Vandevelde appears to have stayed true to his promise to turn around the fortunes of the company by mid-2002, and Tuesday's results suggest that the store is back on track despite increasing levels of competition on the high street by new names such as Zara, a Spanish-owned store that offers cut-price versions of catwalk outfits.
Commenting on the profit figures, Mr Vandevelde said: "I recognise our performance was helped by the buoyant high street trading conditions and now our task is to secure the recovery and build for our future."
(CL)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
