Britain's M&S sees first profit rise in four years

Marks and Spencer has reported a rise in annual profit for the first time in four years. One of Britain’s best known retailers posted a pre-tax profit of just under a billion euros, a six percent jump year on year and way above expectations following a poor performance at Christmas. It has also unveiled a plan to return excess cash to shareholders.

Shares in M&S have risen by more than a third over the past nine months and hit an eight-year high on Tuesday.