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Timeline: M&S' financial history

From M&S’ £1bn-profit peak, to Marc Bolland’s £13.8m “golden hello”, Drapers looks back at the retailer’s recent financial history.

May 2008 - Marks & Spencer hits a peak, with pre-tax profits of £1.1bn - but the retailer sounds a note of caution about the future outlook.

July 2008 M&S bosses face criticism as the share price drops by 60%. Newly self-appointed executive chairman and chief executive Stuart Rose blames results on an overall downturn in the retail sector.

October 2008 M&S share price continues to plummet, with full year profit expectations cut by £30m.

November 2009 M&S posts flat interim profits for its first half of £306.7m

January 2009 450 head office jobs are cut as part of a £200m scale back in capital expenditure.

May 2009 M&S is forced to undergo a management restructure as profits fall by more than £400m

February 2010 Marc Bolland announced as M&S’s new chief executive.

November 2010 M&S chairman Sir Stuart Rose prompts confidence drop when he sells 100,000 shares.

June 2011 Bumper pay-outs hit the headlines, with Bolland receiving a £13.8m “golden hello”, while Rose receives £8.1m.

May 2011 M&S gains market share, with clothing sales growing by 4.2% - but gross margins take a hit.

May 2012 The retailer reports a £122.6m drop in pre-tax profits - the first drop in three years.

April 2013 Bolland comes under fire amid reports of low staff moral.

May 2013 M&S profits fall again, this time to the lowest point in eight years.

 

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