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M&S annual profits up 12.9%

Marks & Spencer says it has defied the retail gloom with a 12.9% jump in annual profits to £714.3m.

The profits before tax and one-off items came on sales up 4.2% to £9.2bn, with margins rising in the key clothing and food divisions.

Marc Bolland, delivering his first annual figures since taking over as chief executive, said it was a "good year" for M&S.

Emma Simpson reports.

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