5 months ago
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Pre-tax profits increased to £672.5m but retailer says it will reduce costs further as part of five-year plan
Marks & Spencer has said it will step up cost cuts in the year ahead despite increasing annual profits by a better-than-expected 41%.
Stuart Machin, the chief executive of the clothing, homeware and food retailer, said it was “at the beginnings of a new M&S” with “wind in our sails, and confidence that our plan is working” as pre-tax profits rose to £672.5m in the year to 30 March. Sales rose 9.4% to £13bn.
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