Marks and Spencer ties up record year

0 Comments | AFP, May, 2007

LONDON (AFP) — Marks and Spencer, the British clothing-to-food retailer, has pulled further away from a crisis suffered three years ago, enjoying record sales and strong profits last year, it said on Tuesday.

Net profit on a 12-month comparison climbed 26.8 percent to 659.9 million pounds (966.7 million euros, 1.301 billion dollars) in the year to March 31, Marks and Spencer said in an official earnings release.

Sales meanwhile increased for a seventh quarter running, as customers flocked to its stores and website to purchase goods ranging from men's suits, women's toiletries, fresh fruit and toys.

But the group's share price tumbled more than 4.0 percent in London trade after it warned of a difficult 2007-08 as recent British interest rate rises begin to...