CITY AM – This is not just a dividend
M&S reinstates dividend and CEO Stuart Machin promises he’s not done yet
CITY AM SAYS Marks and Spencer (M&S) racked in hefty profits during the half year, as the firm’s reshaping programme continues to show signs of paying off.
The Percy Pig maker posted profit before tax of £360.2m up nearly £100m on last figures of £205.5m.
M&S also reported a 14.7 per cent rise in food sales as its investment in price cuts and improving quality drove shoppers to its aisles, it said in a trading update to markets this morning.
The clothing and homeware division – which has been revamped in recent years to appeal to a more trendy audience- also saw sales rise 12.1 per cent.
As a result of its strong results the firm said it would return paying a “modest dividend” – its first in four years.
Chief Stuart Machin, said: “Our strategy to reshape M&S for growth has delivered strong results in the first half.
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