M&S profits "satisfactory"

Marks & Spencer has reported a rise in pre-tax profits of 4.6% to 632.5m and described its performance as "satisfactory". Food sales were up 0.3% in the 52 weeks to 27 March.

M&S chairman Sir Stuart Rose said the company had "improved performance in all areas, demonstrating the resilience of the M&S brand". The retailer's new chief executive, former Morrisons boss Marc Bolland, took over the reins from Sir Stuart on 1 May.

UK like-for-like sales, which exclude the impact of new store openings, rose 0.9% over the 52 weeks.

"We have had a satisfactory start to the first quarter. Consumers are naturally concerned about any impact of the Budget on 22 June," Sir Stuart told the BBC. "We therefore remain cautious about the outlook for the year ahead."

He said he was confident the retailer would continue to grow under Bolland.

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