Marks & Spencers has announced profits of £1bn for the first time in ten years. The high street business has seen its fortunes fluctuate during those ten years but Chief executive Sir Stuart Rose now sees the company as a ‘ strong business in a weak market’ and is confident that M&S will survive the spending slowdown.
Despite the results M&S faced tougher market conditions in the second half of last year, missing out on profit targets and so will not be making any bonus payments this year.
Last year Rose himself collected a bonus of £2.8million, part of 91million paid in bonuses to the board and head office staff. “If we don’t meet the targets it’s tough luck. We did not earn the bonus this year.” said the Chief executive.
Shop staff will be rewarded with a bonus, but around half of what they collected last year.
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