MARKS & Spencer's turnaround looked almost complete last night as it unveiled a 35 per cent rise in annual profits to £751m.
However, chief executive Stuart Rose said the retailer still had much to do for the turnaround to amount to a recovery - unless profits and sales were still growing at Christmas.
His comments came as M&S banked profits in line with market expectations for the 12 months to April 1, up from £556.1m a year ago and back at the level recorded by the group in 2004.
"The group has had a good year," said Mr Rose. "M&S is beginning to regain its confidence but we still have much to do to ensure that we sustain growth in the long term."
The increased profits followed a blistering fourth quarter, which saw like-for-like sales in its stores leap 6.8 per cent - its best performance for three years.
Anthony Platts, assistant director at Tees Valley investment managers Wise Speke, said: "This is a terrific performance from M&S. Stuart Rose needs to be congratulated on leading the team effort in turning things around."
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