Salem Radio Network News Thursday, August 18, 2022

Business

Britain’s M&S warns on outlook as profit jumps

LONDON (Reuters) – British retailer Marks & Spencer reported a jump in annual profit but joined rivals in cautioning on the outlook for the current year amid a worsening cost-of-living crunch. The 138-year-old clothing and food group, one of the biggest names in British business, said on Wednesday it made profit before tax and adjusting items of 522.9 million pounds ($655 million) in the year to April 2 – in line with analysts forecasts and up from just 41.6 million pounds in the pandemic hit 2020-21 year. But for the current 2022-23 year, M&S warned it did not expect to progress from a profit base lowered by a lack of business rates relief and profit from Russia.

($1 = 0.7983 pounds)

(Reporting by James Davey, Editing by Paul Sandle)

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