This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-13516427

The article has changed 4 times. There is an RSS feed of changes available.

Version 0 Version 1
Marks & Spencer profits up 12.9% after 'good' year Marks & Spencer profits up 12.9% after 'good' year
(40 minutes later)
Marks & Spencer says it has defied the retail gloom to delivery a 12.9% jump in annual pre-tax profits to £714.3m. Marks & Spencer says it has defied the retail gloom with a 12.9% jump in annual profits to £714.3m.
The profits came on revenues up 4.2% to £9.2bn, with M&S improving margins in the key clothing and food divisions. The profits before tax and one-off items came on sales up 4.2% to £9.2bn, with margins rising in the key clothing and food divisions.
Marc Bolland, delivering his first annual figures since taking over as chief executive last year, said it had been a "good year" for the business. Marc Bolland, delivering his first annual figures since taking over as chief executive, said it was a "good year" for M&S.
But he remained cautious about the retail environment because of pressures on consumer spending. But he is cautious about future trading due to pressures on consumer spending.
However, Mr Bolland told the BBC that there were signs customers are trading up and "looking for quality" again. "Price points are rising," he said.
The chain runs 600 stores in the UK and 300 overseas, and recently announced plans to move back into France.The chain runs 600 stores in the UK and 300 overseas, and recently announced plans to move back into France.
Britain's biggest clothing retailer also said on Tuesday that it would begin testing new store formats from October. These stores will be tailored more to their locations.Britain's biggest clothing retailer also said on Tuesday that it would begin testing new store formats from October. These stores will be tailored more to their locations.
Mr Bolland, former boss at supermarket Wm Morrison, described the economic outlook as challenging due to a squeeze on consumer spending and higher commodity prices.Mr Bolland, former boss at supermarket Wm Morrison, described the economic outlook as challenging due to a squeeze on consumer spending and higher commodity prices.
Fightback
M&S, which sees 21 million customers pass through its doors each week, was hit by the recession when its mid-market positioning left it exposed to consumers moving to rivals.M&S, which sees 21 million customers pass through its doors each week, was hit by the recession when its mid-market positioning left it exposed to consumers moving to rivals.
A fightback included initiatives such as its Dine In For £10 promotion, and an advertising campaign featuring X Factor judge Dannii Minogue, former footballer Jamie Redknapp, and model Twiggy.A fightback included initiatives such as its Dine In For £10 promotion, and an advertising campaign featuring X Factor judge Dannii Minogue, former footballer Jamie Redknapp, and model Twiggy.
The result has been a increase in clothing market share of 50 points to 11.7%, with growth across all areas.The result has been a increase in clothing market share of 50 points to 11.7%, with growth across all areas.
Market share in food rose 10 points to 3.9% after the launch of 1,900 new lines.Market share in food rose 10 points to 3.9% after the launch of 1,900 new lines.
M&S also saw international sales increase 6.1%, and sales in the online operation rise 31%.M&S also saw international sales increase 6.1%, and sales in the online operation rise 31%.
The company's shares opened 5.5p down at 391.5p.