New FD buys M&S shares

New finance director Alan Stewart has bought his first shares in Marks & Spencer.

Stewart, who took up his new role in October, has bought 10,000 shares at 375.44p each - a total cost of £37,544.

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Earlier this month, M&S set itself the target of becoming the UK's leading multi-channel retailer by 2013-14.

New chief executive Marc Bolland set out this target when he was reporting interim results that showed adjusted profit before tax in the 26 weeks to 2 October 2010 up 17% to £348.6m from £298.3m a year earlier.

Sales were more or less as trailed in the interim management statement, up 5% on a year ago at £4,569.7m. UK sales grew 6% year-on-year while international sales climbed 4%.

Net debt at the end of the reporting period was down to £2.bn from £2.4bn a year earlier.

The interim dividend was increased by 13% to 6.2p a share.

Top Director Buys

RM (RM.) Director name: Mr Iain McIntosh Amount purchased: 25,000 @ 155.00p Value: £38,750

Lamprell (LAM) Director name: Mr Jonathan SilverAmount purchased: 12,673 @ 298.33p Value: £37,807

Marks & Spencer Group (MKS) Director name: Mr Alan StewartAmount purchased: 10,000 @ 375.44p Value: £37,544

Trifast (TRI) Director name: Mr Neil ChapmanAmount purchased: 40,000 @ 49.00p Value: £19,600

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