Marks and Spencer looks to open store in China as profits soar

0 Comments | AFP, November, 2007

LONDON (AFP) — British retailer Marks and Spencer on Tuesday said it planned to open its first store in China after posting a 43-percent hike in net profits during its first half.

Profit after tax grew to 393.3 million pounds (564 million euros, 820 million dollars) in the six months to September 29 compared with the first half of 2006, as shoppers flocked to its newly-refurbished British stores that sell food and clothes, M&S said in an earnings statement.

Group revenue climbed 6.5 percent to 4.18 billion pounds.

"We have decided to enter China on a wholly-owned basis, leveraging off the operational presence we already have in Hong Kong and Taiwan," M&S said in its statement.

"We will take a long-term view of this market and expect to grow on a site...