M&S profit rises for first time in four years

[LONDON] British retailer Marks & Spencer posted its first rise in annual profit in four years and said it would return excess cash to shareholders, fuelling hopes that it has finally rediscovered a successful formula.

Britain's biggest clothing retailer, which also sells homewares and upmarket food, said on Wednesday it made a profit before tax and one-off items of 661.2 million pounds (US$1.02 billion) in the year to March 28.

That compares with analyst forecasts of 625-664 million pounds, with a consensus of 648 million pounds, and is 6.1 per cent higher than the 623 million pounds made in 2013-14.

M&S raised its dividend 5.9 per cent to 18 pence and announced a share buyback programme of 150 million pounds for 2015-16.

REUTERS