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.
This story is from the May 23, 2024 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 23, 2024 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Fernandes saves ponderous United with extra-time goal
A stray punch got the battle of Britain going, but it took the right boot of Bruno Fernandes to decide it.
Keys overcomes Swiatek power in semi-final thriller
Tennis has seen its fair share of mesmerising performances.
RFU chief executive vows to stay despite bonus row
A defiant Bill Sweeney has vowed to continue as chief executive of England's Rugby Football Union (RFU) until the 2027 Rugby World Cup, even as he faces a revolt within the game over his tenure.
Canelo vs Crawford is the super fight with a twist
Mexican idol and US star set for September meet as fight fixer Turki Alalshikh strikes again,
Consumer confidence in economy falls to new low’
Consumer expectations for the economy have plunged as the government faces continued pressure over public finances.
SLAVE TO THE BEAT
On 'Eusexua', her defiantly weird paean to the Prague rave scene, FKA twigs bends vital new electronic shapes, writes Helen Brown, while rapper Central Cee's debut delivers
Think kink: the distinctions between BDSM and abuse
Olivia Petter talks to sex educators about what differentiates a consensual sexual practice from abusive behaviour, and why it's so crucial for partners to understand these polarities
Air pollution crisis in focus ahead of Delhi's election
Toxic air in India’s capital, population more than 33 million, has become a key political issue,
Lost Tina Turner track casts light on her return to fame
A surprise treasure has been unearthed from Tina Turner's vaults: the previously unheard track \"Hot for You, Baby\", which was intended for use on her fifth solo album, Private Dancer.
Could Britain really join a European customs union?
Europe's new trade official responsible for post-Brexit negotiations has said a \"pan-European [customs] area\" is something the EU could consider as part of \"resetting\" relations between the UK post-Brexit and the EU.
