Marks and Sparks had a good year and have managed to increase profits by 12.9%. Marc Bolland, CEO of Marks & Spencer explained that customers have been looking for quality products. M&S new policy of encouraging customers to “buy once and buy well” is paying off.
Also M&S have not suffered so much from the changes in cotton prices as their clothes are generally of a higher price so less affected by these fluctuations.
Pre-tax Profits on One-off items up by 4.2% to £9.2 billion
M&S have found from their customer research that there is a good market in smaller quality items and treats.
They have always provided premium priced clothes and foods and are now selling more smaller, but still exclusive and luxury items, and this is working really well. Marc Bolland described is as the market of something nice for the weekend – people buying an nice bottle of wine or food. Also sales in items that are designed to be worn at home instead of out of the house are up.
Marks and Spencer Stock Price
This rise in profits has not had a positive impact on trading though. The latest prices for Marks & Spencer are:
- Marks and Spencer Group Plc (Public, LON:MKS)
- 386.10 -10.90 (-2.75%) at 12:01PM BST