UK retailer Marks & Spencer (M&S) this week beat City expectations by announcing a 13 per cent rise in profits in the last financial year.
Revenues grew by some 4.2 per cent to £9.7bn, while underlying profit before tax reportedly increased by 12.9 per cent to £714m.
Results were weakest in the UK, where profits fell by 3.3 per cent compared with the previous year.
This year, the retailer said that it anticipated a tough trading environment. 'We have had a good start to the new financial year but we expect trading conditions in the year ahead to be challenging due to rising pressure on consumers' disposable incomes and high commodity prices,' M&S said.
Over the next three years, M&S stated that it aimed to improve the in-store environment of its outlets, dividing stores up according to the kind of customers they attracted.
'While the last store modernisation programme improved the core infrastructure of our stores, it has not delivered an inspirational shopping environment for our customers,' it said. 'Moreover, 90 of our stores remain unmodernised. Our aim is to complete this programme over the next three years and work on delivering an improved in-store environment across general merchandise and food,' the statement said.
No comments yet