As forecast yesterday on freshinfo, Marks & Spencer has reported soaring profits, approaching a return to the £1 billion mark.
The retailer, not so long ago seen as a falling icon, posted a 28.5 per cent increase in its annual pre-tax profit to £965.2m. Its performance peaked in 1998, when profits topped £1bn, before a gradual decline.
Food, along with clothes, were cited as the major profit drivers. "We continue to improve our product ranges, offering customers better quality, value, innovation and newness," said chief executive Stuart Rose.
"Service standards have improved. We continue to invest in modernising our stores and 70 per cent of our store portfolio will be modernised by the end of the year."
M&S employees will share a bonus pot of £90m, including £26m for customer assistants, while the company also plans to create 10,000 jobs over the next three years.
