Marks & Spencer increased annual profit by 27%

Marks & Spencer Group, the British network of department stores, reported the results of the fiscal year ended March 30. According to its reports, profit before tax was 84.6 million pounds, an increase of 27% over the year. In the reports of the previous fiscal year, the company made one-time expenses, including the write-off of 321.1 million pounds in connection with the closure of stores in the UK. The adjusted pretax profit fell by 10% to 523.2 million pounds. Revenue at the end of the earnings period was at the level of 10.38 billion pounds, which is 3% lower than the previous annual figure. The company recorded a decline in comparable food sales by 3.6%. Sales of clothing and household goods declined by 1.6%. The company's net debt amounted to 1.55 billion pounds, showing a 15.3% decrease over the year. Over the past 12 months, the capitalization of Marks & Spencer has decreased by 15% to 4.4 billion pounds.

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