Reborn M&S Shares soar as the High St giant delivers a 'dazzling' profits jump By Emily Hawkins Updated: 22:00 BST, 22 May 2024 e-mail View comments The boss of Marks & Spencer yesterday declared the company is in its ‘strongest financial health’ for more than a quarter of a century as profits soared. Unveiling annual results described as ‘dazzling’ by one analyst, Stuart Machin said ‘we’re at the beginnings of a new M&S’ as it appeals to a broader base of shoppers. And in the clearest sign yet that its revival plan is paying off, the High Street stalwart said that profits jumped 58 per cent to £716million in the year to the end of March.
‘We have wind in our sails, confidence our plan is working and a clear vision for the future. There’s so much more opportunity ahead of us,’ said Machin, who has continued to implement a turnaround plan kicked off by chairman and retail veteran Archie Norman. In the pink: Marks & Spencer, which is currently projecting a 'summer cool' image, has seen profits jump 58% to £716m in the year to the end of March.
Both arms of the business saw goods fly, with food sales 13 per cent higher while clothing and home was up 5.3 per cent. M&S shares rose almost 10 per cent to 300p in early trading – the highest level for six years – before closing up by 5.
2 per cent, or 14.2p, at 288p yesterday. Investors lauded the progress as the business said it would dish out a dividend of 3p a share, its first award since 2019.
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