M&S to unveil annual profits rise
Monday 24 May 2010
Marks & Spencer is expected to a post a 5 per cent rise in full-year profits tomorrow, the last set of results presented by the high-street bellwether's chairman, Sir Stuart Rose.
The retailer, above promoted by Danni Minogue, is set to deliver annual pre-tax profits of £632.9m for the 52 weeks to 27 March, compared with £604.4m for the same period a year ago. The improved performance will enable M&S staff to share a bonus pot of £80m.
The results will be a fillip for Marc Bolland, who joined M&S as chief executive earlier this month after jumping ship from Morrisons. But analysts at Investec last week set out a "manifesto" that calls for him to take "radical measures" to prevent a return of "boom and bust" profits. Sir Stuart could stay on as chairman until next March, but speculation is already mounting that he could leave before the end of December, given that the process to appoint his successor is well under away.
Over the weekend, Roger Carr, the former chairman of Cadbury which was acquired by Kraft this year, ruled himself out of the running for the M&S chairman role.
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