Breakfast briefing: Matalan and M&S

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.