Marks & Spencer Group Plc (MAKSY.PK,MAKSF.PK,MKS.L) Tuesday reported a lower annual profit, amid a marginal growth in revenues.
Pre-tax profit for the year dropped to 564.3 million pounds from 658.0 million pounds.
Underlying profit before tax was 665.2 million pounds, lower than 705.9 million pounds in the prior year. The company incurred higher finance costs and recorded lower finance income in the just concluded year. Profit attributable to equityholders of the company fell to 466.7 million pounds from 513.1 million pounds in the prior year. Earnings per share declined to 29.0 pence from 32.2 pence. Revenue advanced 0.9 percent to 10.03 billion pounds from 9.93 billion pounds in the prior year. Group sales were up 1.3 percent on a constant currency basis, driven by good performance in Food, International and Multi-channel businesses.
Marc Bolland, Chief Executive, said, "In a challenging market, M&S sales grew by 1.3%. Three of the four parts of the business made strong progress. We are working hard to get the General Merchandise performance back on track.''
The board recommended a final dividend of 10.8 pence per share, resulting in a full year dividend of 17 pence per share.
For 2013/14, the firm is targeting underlying profit improvement, but expects to incur around 30 million non-recurring dual running costs, as a result of the transition to the new web platform and the opening of the new EDC/NDC in Castle Donington.
Gross margin for the year is expected to grow by 30 basis points to 50 basis points with a similar range in both General Merchandise and Food.
Further, the retailer said trading over the first seven weeks of the new financial year has been in line with its expectations.
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