Retail news round-up: Matalan reports surge in profits and M&S boss receives pay amid falling profits.
Matalan reports surge in profits
Missouri Topco, Matalan’s parent company, has reported a 37% increase in operating performance for the year to February 25, Drapers reported.
There was a 2% decrease to £1.03bn in revenue before exceptional items.
Online sales increased more than 60%.
The company focused on full-price sales, which led to a significant increase in the full-price sales mix.
M&S boss receives less pay amid falling profits
Marks & Spencer chief executive Steve Rowe has received £1.64m in pay for the financial year to April 2017, less than his predecessor Marc Bolland, The Telegraph reported.
Rowe received a £599,000 bonus on top of his £809,000 basic salary.
M&S executives were offered a 2% increase in pay by the remuneration board but they turned it down.