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.
This story first appeared in the May 26, 2010 issue of WWD. Subscribe Today.
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.