UNITED KINGDOM: Marks & Spencer revenue hits £9.7billion.
UK apparel retailer Marks & Spencer has reported a 4.2% increase in revenue from £9.3bn to £9.7bn, for the full year ending April 2, 2011.
Egytex News Desk
Source: www.inteletex.com
In the UK, the retailer’s revenue rose by 4% from £8.4bn to £8.7bn, helping grow its overall share of the clothing market by 11.7%.
Marks & Spencer’s international revenue hit £1bn, up 6.1% in the 2010 financial year, accounting for 10.3% of total group revenue. During 2010, the retailer opened 49 stores globally, so that it now operates from 361 stores in 42 countries.
Last year Marks & Spencer opened 12 new stores across the Czech Republic, Poland and Estonia, four in India and three in Shanghai. The company was, however, forced to close two stores in Greece.
With growth in all sectors, dresses performed particularly strongly. According to Marks & Spencer, its customers’ desire to ‘trade up’ was reflected in stronger sales of premium products, such as cashmere knitwear. The Nearly Naked lingerie range represented over 25% of new product lingerie sales.
Despite being hit by the rising cost of cotton, the company’s operating profit rose 5.9% from £779.3m to £824.9m for the 2010 financial year.
“Marks & Spencer had a good year with sales and profits ahead of last year,” said Marc Bolland, the company’s chief executive. “In November we set out our plan to grow M&S into a truly international, multi-channel retailer.”
Source: www.inteletex.com
From the Egytex news archive, first published on 29 May 2011. Figures and names are as reported at the time.
