The UK High Street retailer has just announced a 6 percent increase in profits before tax and exceptional items to £661m, the first rise in profits in four years - this was principally based on a strong performance in its food division.
Operating profits in its international division – which includes its 15 stores in Ireland – fell by 25 percent but the company says its Irish and Czech businesses have shown improved profitability following restructuring – four stores closed here and its pension scheme has been restructured.
Still some trading issues however, the company has written £37m off the value of what it calls "underperforming stores" in Western Europe, Ireland and China.
Marks & Spenser intends to launch a share buy-back programme later this year which will return about £150m in cash to shareholders.
