2023-05-24 08:25:50
MADRID, 24 May. (EUROPA PRESS) –
The British department store chain Marks & Spencer closed its fiscal year, which ended at the beginning of April, with a net profit of 364.5 million pounds sterling (419 million euros), which represents an improvement of 18% compared to the result from the previous year, reported the company, which expects to restore the dividend in its current fiscal year.
“The board plans to restore a modest annual dividend to shareholders, beginning with an interim dividend in November results,” announced the company, which suspended dividend distribution at the start of the pandemic to protect its balance sheet.
In the whole of its fiscal year, M&S sales totaled 11,988 million pounds (13,796 million euros), 9.9% more, including 8.7% growth in the food business in the United Kingdom, up to 7,218 million of pounds (8,307 million euros), while fashion and home sales in the United Kingdom increased by 11.5%, to 3,715 million pounds (4,275 million euros).
In the case of international business, M&S’s annual turnover reached 1,055 million pounds sterling (1,214 million euros), 12.6% above the income of the previous fiscal year.
“After one year, our strategy to reshape M&S for growth has fueled sustained business momentum,” said Stuart Machin, the company’s CEO.
Looking ahead to the current financial year, M&S expects modest revenue growth, while it anticipates an impact from higher costs of more than 50 million pounds (58 million euros) for energy and more than 100 million pounds (115 million euros) due to increases in salary costs, which the company hopes to compensate with adjustments of around 150 million pounds (173 million euros) within the framework of its program to reduce structural costs.
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