|Marks and Spencer net profit rise
British retailer Marks and Spencer on Tuesday posted a 16-percent gain in annual net profits, buoyed by rising sales despite a poor performance for clothing.
The group, involved in a big investment and rejuvenation program, did well with its food lines but the clothing sector struggled.
Earnings after taxation rose to 524.8 million pounds in the 52 weeks to March 29, compared with 453.5 million pounds in the group's previous financial year.
Total sales increased by 2.7 percent to 10.3 billion pounds, M&S added in a results statement.
However, underlying profits before tax slid 3.9 percent to 623 million pounds, hit partly by a drop in sales of general merchandise -- which includes clothing.
That market the third fall in a row for underlying annual profits.
On a like-for-like basis, which strips out the impact of new floor space, British sales grew 0.2 percent with general merchandise down 1.4 percent but food up 1.7 percent. --AFP