Home Retail Marks & Spencer reap 29 per cent profit

    Marks & Spencer reap 29 per cent profit

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    posted a 29 per cent jump in underlying profit for fiscal 2007, to GBP965.2 million – against GBP751.4 million a year ago. rose 26 per cent to GBP659.9 million in fiscal 2007, from GBP523.1 million a year earlier. The results flowed from strong sales growth, improved market share in clothing categories and food, and margin improvement.

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    “We have had a satisfactory start to the new financial year, despite tough comparatives and significant disruption to trading in our stores as a result of the modernisation programme,” Chief Executive Stuart Rose said in a statement.

    “We expect the retail environment to become more challenging: competition remains intense, and pressure on consumer spending as a result of interest rate rises will also increase. Nevertheless, we are confident we can make further progress in 2007-08,” Rose noted.

    In addition to consolidating its existing international operations, the UK retailer is also evaluating expansion in Europe, India and China. The company has hired , former CEO of hotel chain PLC, as director of International.