M&S's To Post 5% Jump in Full-year Profits
Marks & Spencer is cited to post a 5 per cent jump in full-year profits tomorrow, the last set of performance results unveiled by the high-street bellwether's Chairman, Sir Stuart Rose.
The retailer is expected to record annual pre-tax profits of £632.9m for the 52 weeks to 27 March, from £604.4m recorded for the same period a year ago.
The robust profit figures signify that M&S's staff will share a bonus pot of around £80m.
In a note to clients, Deutsche Bank quoted, "While investors' focus will be on the outlook, there is unlikely to be an update on trading. M&S benefited from trading up in the fourth quarter, after two years of trading down, and we believe this is continuing”.
The result is cited to pose as a fillip for Marc Bolland, who became a part of M&S as chief executive earlier this month, leaving Morrisons.
However, analysts at Investec last week set out a "manifesto" that wants him to undertake stringent measures in a view to prevent a return of "boom and bust" profits.
Sir Stuart could stay on as chairman until next March, however, speculation is already in its full flow that he could resign before the end of December, given that the process to hire his successor is well positioned.
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