Marks & Spencer (M&S) today announced that profit rose 28.5 per cent in its last financial year due to higher sales in fashion and food.
Adjusted profit before tax at Britain's largest clothes retailer rose to £965.2 million (€1,414 billion), near the record £1 billion M&S achieved in 1998, and met analysts' forecasts.
Chief Executive Stuart Rose, who has led one of the most celebrated turnarounds in British retail, said total sales from its 520 stores rose 10.1 per cent to £8.6 billion.
M&S's food market share rose 20 basis points to 4.3 per cent, while clothing market share rose 70 basis points to 11.1 per cent with growth in all areas.
M&S would create 10,000 jobs over the next three years as the retailer broadened its business, Mr Rose said.
The M&S boss said he expected the retail environment to become more challenging and that the retailer had a "satisfactory start" to the new financial year that began in April.