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06/11/2001
M&S announce surprise rise in profits
Marks & Spencer has announced a surprise rise in profits for the first half of the financial year.
The beleaguered retail store published profit figures of £220 million, a figure much higher than initially predicted on average by industry analysts.
The news builds on an earlier statement by M&S of a rise in sales of 2.8 per cent.
It is thought that the company’s new range of womenswear – its Per Una range – has been responsible for renewing consumer interest in the store, which has undergone extensive restructuring in an attempt to improve its fading fortunes.
M&S Chairman Luc Vandevelde said that the figures demonstrated “good progress” with the recovery plan, and that M&S had plans to upgrade at least 100 of the stores by the end of 2001.
He added: "I am encouraged by the progress we have made and am confident that the strength of the M&S, together with the value and quality of our improved offer, give us a firm base on which to build." (CL)
The beleaguered retail store published profit figures of £220 million, a figure much higher than initially predicted on average by industry analysts.
The news builds on an earlier statement by M&S of a rise in sales of 2.8 per cent.
It is thought that the company’s new range of womenswear – its Per Una range – has been responsible for renewing consumer interest in the store, which has undergone extensive restructuring in an attempt to improve its fading fortunes.
M&S Chairman Luc Vandevelde said that the figures demonstrated “good progress” with the recovery plan, and that M&S had plans to upgrade at least 100 of the stores by the end of 2001.
He added: "I am encouraged by the progress we have made and am confident that the strength of the M&S, together with the value and quality of our improved offer, give us a firm base on which to build." (CL)
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Discount fashion company Matalan has reported soaring profits, thanks to a successful programme of store expansion and 1 45% rise in turnover. Pre-tax profits rose by 30% to stand at £107.6 million for the year up to March 2002, with sales activity in its existing stores up by 7.2%.
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'Strong trading environment' fuels huge BP profits surge
Oil giant BP, in a climate of spiralling prices, have posted a massive profits surge of $1.2 billion to top almost $4 billion for the third quarter. BP saw net profits rise by 43% to £3.9 billion for the quarter, bringing the company a total mark of $12.5 billion so far this financial year.
'Strong trading environment' fuels huge BP profits surge
Oil giant BP, in a climate of spiralling prices, have posted a massive profits surge of $1.2 billion to top almost $4 billion for the third quarter. BP saw net profits rise by 43% to £3.9 billion for the quarter, bringing the company a total mark of $12.5 billion so far this financial year.
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Northern Ireland WeatherToday:All parts will have a dry day. A lot of cloud expected through the day. A little brightness breaking through at times along the coast. Maximum temperature 16 °C.Tonight:This evening will be dry. The rest of the night will remain dry with variable amounts of cloud and some clear periods. Light southwesterly winds. Minimum temperature 10 °C.
