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| Version 1 | Version 2 |
|---|---|
| M&S in recovery as profits soar | M&S in recovery as profits soar |
| (30 minutes later) | |
| Marks & Spencer has completed its recovery from a failing brand to a powerhouse of fashion. | Marks & Spencer has completed its recovery from a failing brand to a powerhouse of fashion. |
| Britain's iconic retailer has posted a 28.5% increase in annual pre-tax profit to £965.2m - not far off the record £1bn it saw in 1998 before its decline. | Britain's iconic retailer has posted a 28.5% increase in annual pre-tax profit to £965.2m - not far off the record £1bn it saw in 1998 before its decline. |
| The company's staff will share a bonus of £90m, including £26m for customer assistants, the company said. | The company's staff will share a bonus of £90m, including £26m for customer assistants, the company said. |
| M&S also said it is to create 10,000 jobs in the UK over the next three years as store expansion continues. | |
| Food and clothing | Food and clothing |
| The strong performance was driven by increased demand of M&S food and clothing, which was supported by a popular advertising campaign featuring 1960s model Twiggy, singers Myleene Klaas and Brian Ferry and other well-known faces. | The strong performance was driven by increased demand of M&S food and clothing, which was supported by a popular advertising campaign featuring 1960s model Twiggy, singers Myleene Klaas and Brian Ferry and other well-known faces. |
| "We continue to improve our product ranges, offering customers better quality, value, innovation and newness," said chief executive Stuart Rose. | "We continue to improve our product ranges, offering customers better quality, value, innovation and newness," said chief executive Stuart Rose. |
| "Service standards have improved. We continue to invest in modernising our stores and 70% of our store portfolio will be modernised by the end of the year." | "Service standards have improved. We continue to invest in modernising our stores and 70% of our store portfolio will be modernised by the end of the year." |
| A series of high-profile advertising campaigns helped rejuvenate M&S | A series of high-profile advertising campaigns helped rejuvenate M&S |
| The former Arcadia boss is widely credited for turning around the company's fortunes when he took over in 2004, saving M&S from a takeover from millionaire entrepreneur and Arcadia owner Philip Green. | The former Arcadia boss is widely credited for turning around the company's fortunes when he took over in 2004, saving M&S from a takeover from millionaire entrepreneur and Arcadia owner Philip Green. |
| Strong sales | Strong sales |
| The company's recovery has been driven by strong sales growth. | The company's recovery has been driven by strong sales growth. |
| M&S reported a 6.1% increase in underlying UK sales, with new stores stripped out. | M&S reported a 6.1% increase in underlying UK sales, with new stores stripped out. |
| As a result, the company increased its market share in both food and clothing. | As a result, the company increased its market share in both food and clothing. |
| It now has 11.1% of the UK clothing market, an increase of 0.7%, while its food market share rose 0.2% to 4.3%. | It now has 11.1% of the UK clothing market, an increase of 0.7%, while its food market share rose 0.2% to 4.3%. |
| Mr Rose cautioned the retail environment would become "more challenging" with increased competition and added pressure on consumer spending as a result of interest rate rises, but he expected progress at the company to continue. | Mr Rose cautioned the retail environment would become "more challenging" with increased competition and added pressure on consumer spending as a result of interest rate rises, but he expected progress at the company to continue. |