Marks & Spencer (M&S) the largest clothing retailer in UK and also multi-billion pound food retailer has reported 4.3% rise in its profits, amounting to £1bn. Despite impressive rise, M & S is cautious about next 12 months’ business. Its UK like-for-like sales in food and clothing dropped considerably. Trading in the month of April was very low.

The bonuses for staff are cut drastically, but the store teams, which did roaring business, will be sharing a bonus of £12.8m. The 75,000 strong staff was paid record £91m bonus last year.  Chief executive Sir Stuart Rose is confident of meeting challenges of retail environment on the strength of its long experience in UK market. He is taking all precautionary measures to face the onslaught of difficult market conditions. Top priority is being accorded to inventory controls and cost effective measures.

Sales figures indicate drop of 0.5% in like-to-like and general merchandise, and 0.4% in food sales. International sales grew up by 16.8% and operating profits were up by 33%. M&S gained 4.8% shop floor space in UK on account of expansions and new stores. It is targeting growth of 5.5% in the current year.

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