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| M&S sees profits increase to £1bn | M&S sees profits increase to £1bn |
| (20 minutes later) | |
| Marks and Spencer has reported a 4.3% rise in annual profits to £1bn, but says it is cautious about its prospects for the next 12 months. | Marks and Spencer has reported a 4.3% rise in annual profits to £1bn, but says it is cautious about its prospects for the next 12 months. |
| The retailer said like-for-like sales in the UK slipped in both food and clothing in the year to 29 March. | |
| It described trading in the first seven weeks of the new financial year as "mixed", with April being "difficult". | It described trading in the first seven weeks of the new financial year as "mixed", with April being "difficult". |
| M&S announced a big cut in bonuses for staff, after missing targets, but its store teams are set to share £12.8m. | |
| Last year it paid out a record £91m in bonuses to its 75,000 staff. | |
| Expansion | |
| Chief executive Sir Stuart Rose said that the firm was "well positioned" to compete in the challenging retail environment being experienced in the UK. | |
| "We expect market conditions to remain difficult for the foreseeable future and are managing our business accordingly," he said. | "We expect market conditions to remain difficult for the foreseeable future and are managing our business accordingly," he said. |
| "Tight stock control and management of costs are a priority." | "Tight stock control and management of costs are a priority." |
| The results included a 1.7% fall in like-for-like sales during the final three months of the year - the second successive quarter of falling sales after a disappointing Christmas. | |
| For the year as a whole, UK like-for-like sales fell 0.5%, with sales of general merchandise - which includes clothes - down 0.5% and food sales 0.4% lower. | |
| New stores and expansions helped M&S increased its shop floor space in the UK by 4.8% during the year, and it forecast growth of 5.5% in the current financial year. | |
| International sales were up by 16.8% to £712.9m, while operating profits grew 33% to £116.4m. | |
| Earlier this month, M&S rolled out a programme to charge 5p for single use food carrier bags. | |
| M&S investors have been upset by Sir Stuart's decision to promote himself to combine the roles of chief executive and chairman - which goes against City recommendations on corporate governance practice. | |
| Sir Stuart has conceded the firm could have "done a better job of explaining" the decision. |