British retailer Marks & Spencer has reported a 31 per cent rise in profits for 2001/02.
The surge in pre-tax profits, which at £646.7 million sterling to March 30th came in above forecasts
of £630 million, builds on a 10.6 per cent like-for-like increase in sales posted in April for the fourth quarter, and a 4 per cent increase for the year.
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With sales figures out in the market for some weeks, investors focused on margins as a measure of how well M&S was converting its resurgent sales into profits. Clothing buying margins were up three percentage points.
Chairman and chief executive Mr Luc Vandevelde said: "We have made good progress and believe that we have turned the corner".
But he conceded booming high street spending had helped one of Britain's best known names on its way.
Shares in Marks & Spencer, which have outperformed the benchmark FTSE-100 index by 14 per cent so far this year and by over 80 per cent in the past 12 months, were indicated at 413 pence today, steady on yesterday's close.