Marks & Spencer profit rises for first time in four years
British retailer Marks & Spencer posted its first rise in annual profit in four years and said it would return excess cash to shareholders, fuelling hopes that it has finally rediscovered a successful formula.
Britain's biggest clothing retailer, which also sells homewares and upmarket food, said on Wednesday it made a profit before tax and one-off items of £661.2m in the year to March 28.
That compares with analyst forecasts of £625-664m, with a consensus of 648 million pounds, and is 6.1 percent higher than the 623 million pounds made in 2013-14.
M&S raised its dividend 5.9 percent to 18 pence and announced a share buyback programme of 150 million pounds for 2015-16.