M&S: the hard work starts now

Marks and Spencer made £1bn pre-tax profits but the markets are sceptical, meaning chief executive Sir Stuart Rose can't rest on his laurels.

Football managers are only as good as their next match, said David Prosser in The Independent. That's "a lesson that Sir Stuart Rose, chief executive of Marks & Spencer, is also about to learn". Marks & Spencer may have broken though the £1bn pre-tax profit barrier for the first time in a decade, but the market remained unimpressed by the retailer's recovery. Shares closed down almost 5% on the news, below the400p bid from Sir Philip Green three years ago.

Why the scepticism?

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