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20/05/2015
Rise In Profits For Marks & Spencer
Marks and Spencer has reported a rise in its full-year profits.
The retailer said it had made "good progress" during the year, with its underlying profit before tax increasing to 6.1% to £661.2m for the year to 28 March.
In its food business, the company experienced "strong sales growth", but admitted that it expected the UK food market to remain challenging. In general merchandise, which includes clothing, M&S saw a significant gross margin improvement opportunity, with modest sales growth. It added that its full-year performance did not meet expectations, however. Sales of womenswear did rise in the final quarter.
Elsewhere, the chain increased its dividend by 5.9% and announced a £150m share buyback programme for shareholders.
Commenting on the results, Marc Bolland, Chief Executive, said: "We made good progress in three of our four key priorities for the year. In Food, we had an outstanding year in a difficult market. In GM, we significantly increased the gross margin, and, while sales performance was below our expectations, we returned to growth in the fourth quarter.
"We continued to control costs and capital expenditure tightly, resulting in significantly improved free cash flow. We are transforming M&S into a stronger, more agile business – putting the right infrastructure, capabilities and talent in place to drive our strategic priorities."
Robert Swannell, Chairman, added: "We are a more capable business following a sustained period of investment in our infrastructure and in our people. Our focus continues to be on delivery of the strategy and improvement in shareholder returns."
(JP)
The retailer said it had made "good progress" during the year, with its underlying profit before tax increasing to 6.1% to £661.2m for the year to 28 March.
In its food business, the company experienced "strong sales growth", but admitted that it expected the UK food market to remain challenging. In general merchandise, which includes clothing, M&S saw a significant gross margin improvement opportunity, with modest sales growth. It added that its full-year performance did not meet expectations, however. Sales of womenswear did rise in the final quarter.
Elsewhere, the chain increased its dividend by 5.9% and announced a £150m share buyback programme for shareholders.
Commenting on the results, Marc Bolland, Chief Executive, said: "We made good progress in three of our four key priorities for the year. In Food, we had an outstanding year in a difficult market. In GM, we significantly increased the gross margin, and, while sales performance was below our expectations, we returned to growth in the fourth quarter.
"We continued to control costs and capital expenditure tightly, resulting in significantly improved free cash flow. We are transforming M&S into a stronger, more agile business – putting the right infrastructure, capabilities and talent in place to drive our strategic priorities."
Robert Swannell, Chairman, added: "We are a more capable business following a sustained period of investment in our infrastructure and in our people. Our focus continues to be on delivery of the strategy and improvement in shareholder returns."
(JP)
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