Marks & Spencer has declared the group is in its strongest financial health for nearly 30 years as a turnaround has paid off with a 58 per cent surge in profits and buoyant sales across its food halls and clothing arm.
Boss Stuart Machin said he was seeing “the beginnings of a new M&S” thanks to revival efforts, which helped the retail bellwether to post better-than-forecast annual underlying pretax profits of £716.4m, up from £453.3m the previous year. But despite the profit leap, the group said it was ramping up cost-cutting to help offset a soaring wage bill, earmarking another £100m in savings, taking the total to £500m by 2027-28.
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