The boss of Marks & Spencer lauded the “beginnings of a new M&S” after its refreshed clothing business attracted a younger audience and as it continued to reap the rewards from its investments in food.
The retailer rose to the top of the FTSE 100 leaderboard, with its shares rising by as much as 5 per cent, after it said it was in its “strongest financial health” since 1997, putting behind it almost two decades of fruitless turnaround efforts.
The clothing and homewares chain unveiled a 58 per cent increase in pre-tax profit and adjusting items of £716.4 million in the year to the end of March, beating analysts’ forecasts that had ranged from £665 million to £705 million. The boost was driven by a