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Rejuvenated M&S posts best profits ina decade
Evening Standard
|May 22, 2024
MARKS & Spencer continued its return to form today posting its best profits in a decade and promising investors more good news to come.
The one-time bellwether of the high street and favoured store of the middle classes had fallen into disarray, with dowdy clothes and expensive food seeing it lose ground to Next, Waitrose and others.
Today it reported a 58% jump in annual profits to £716 million.
It is paying a dividend of 3p a share, the first shareholder hand out since 2019.
The shares jumped 9%, 24p, to 298p which leaves the business valued at £6 billion.
City analysts are now talking of future annual profits of £1 billion Only two chief executives in the long history of Marks & Spencer have delivered annual profits of more than £1 billion: Sir Richard Greenbury in 1997, and Sir Stuart Rose, now Lord Rose, a decade later.
This story is from the May 22, 2024 edition of Evening Standard.
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