By  on May 26, 2010

LONDON — Marks and Spencer Group plc said Tuesday its full-year net profit rose 3.6 percent to 526.3 million pounds, or $838.4 million, from 508 million pounds, or $877.3 million, the year before.

All dollar figures have been calculated at average exchange rates for the period to which they refer.

Total revenue for the fiscal year ended April 3 rose 5.2 percent to 9.54 billion, or $15.2 billion.

“M&S has had a good year,” said Sir Stuart Rose, chairman of M&S. “We have improved performance in all core areas, demonstrating the resilience of the M&S brand.”

Rose added the company had had a “satisfactory start” to the first quarter. “Consumers are naturally concerned about any impact of the [new coalition British government’s] budget on June 22. We remain cautious about the outlook for the year ahead.”

The company noted the 2010 fiscal year was a 53-week reporting period. For the 52 weeks of the 2010 fiscal year, to March 27, revenue rose 3.2 percent to 9.3 billion pounds, or $14.83 billion.

General merchandise sales, including those of clothing, rose 4 percent in the 52-week period. M&S said it had increased its share of the U.K. clothing market to 11 percent.

Food sales, meanwhile, grew 1.8 percent in the 52-week period, registering the company’s first rise in same-store sales since 2007.

International sales advanced 5.7 percent during the 52-week period.

Marc Bolland, M&S’ new chief executive officer, joined the company earlier this month and Rose is helping the board to find a new chairman. Rose is set to step down from his role later this year.

load comments
blog comments powered by Disqus