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May 21, 2002

UK: M&S sees 1,000 new jobs with food store chain

UK high street retailer Marks and Spencer (M&S) has revealed that it aims to create around 1,000 jobs this year, with the opening of 20 small stand-alone food stores.   Earlier today [Tuesday], M&S reported profits for the year ended 30 March, before one-off costs, of £646.7m (US$941m), beating analysts’ forecasts of £630m. The 30.7% rise represented the first indication that the company is on its way to recovery after years of falling sales and profits.

UK high street retailer Marks and Spencer (M&S) has revealed that it aims to create around 1,000 jobs this year, with the opening of 20 small stand-alone food stores.
 
Earlier today [Tuesday], M&S reported profits for the year ended 30 March, before one-off costs, of £646.7m (US$941m), beating analysts’ forecasts of £630m. The 30.7% rise represented the first indication that the company is on its way to recovery after years of falling sales and profits.

Turnover for the full year was also up by a more modest 3.8% to £7.6bn.

Chairman and CEO Luc Vandevelde admitted however that there is still much work to do: “We have turned the corner. However I recognise our performance was helped by the buoyant High Street trading conditions and now our task is to secure the recovery and to build for our future.”

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