Marks and Spencer has posted an increase in sales and profits, adding to evidence that its latest turnround strategy is working.
The 139-year-old retailer, which for more than two decades has been promising investors and customers a revival, said sales were up 9.9 per cent to almost £12bn. Pre-tax profits for the year to April 1 rose to £475.7mn from £391.7mn.
Chief executive Stuart Machin hailed “sustained trading momentum” across all parts of the company, adding that food outperformed the market “with customer perception for quality and value the highest in six years”.
M&S plans to reintroduce a modest dividend to shareholders from November after it suspended payments at the start of the pandemic to protect its balance sheet.
