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| Version 2 | Version 3 |
|---|---|
| M&S sees profits increase to £1bn | M&S sees profits increase to £1bn |
| (about 1 hour 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. | 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. | 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. | Last year it paid out a record £91m in bonuses to its 75,000 staff. |
| The M&S profit is the largest at the firm since 1997/98. | The M&S profit is the largest at the firm since 1997/98. |
| But chief executive Stuart Rose told the BBC: "We did not do quite as well as we would have liked." | But chief executive Stuart Rose told the BBC: "We did not do quite as well as we would have liked." |
| Expansion | Expansion |
| The firm was "well positioned" to compete in the challenging retail environment being experienced in the UK, Sir Stuart said. | The firm was "well positioned" to compete in the challenging retail environment being experienced in the UK, Sir Stuart said. |
| "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. | 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. | 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. | 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. | International sales were up by 16.8% to £712.9m, while operating profits grew 33% to £116.4m. |
| "With more space being added in Europe and India, and with a Shanghai store on the horizon, M&S will be hoping to underpin any weakness in the UK environment with this geographical diversification," said head of equities at Hargreaves Lansdown Stockbrokers, Richard Hunter. | |
| He added that an increase in the firm's dividend payout showed "a level of management confidence in the business which is not necessarily echoed by their outlook". | |
| 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. | 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. | Sir Stuart has conceded the firm could have "done a better job of explaining" the decision. |
| Earlier this month, M&S rolled out a programme to charge 5p for single use food carrier bags. |