Marks & Spencer's Rose Paid GBP2.61 Million In Fiscal Year 2010

10th Jun 2010 11:29

LONDON (Dow Jones)--Marks and Spencer Group PLC's (MKS.LN) Chairman Sir Stuart Rose was paid GBP2.61 million for the fiscal year ended March 27, according to the U.K. clothing, homeware and food retailer's annual report, published Thursday. The figure, which includes base salary, benefits, cash allowances and bonuses, rose from GBP1.77 million in the previous year, according to the report. He was also paid GBP57,000 as a non-executive director of Land Securities Group PLC (LAND.LN). Rose was Executive Chairman of the group during this period and was replaced as Chief Executive by Marc Bolland at the beginning of May. On becoming non-executive Chairman, Rose's salary was reduced to GBP875,000 with effect from July 31. He plans to leave the group in March next year. The group also said that its program to reduce its carbon footprint by cutting packaging and emissions boosted profits last year by more than GBP50 million. At the end of May, Marks & Spencer declared that the worst of the U.K. recession was over as it posted higher annual profits and sales, including the first rise in food sales since 2007. The company reported a 3.6% rise in net profit to GBP526.3 million from GBP508 million, while sales rose 3.2% to GBP9.3 billion. However, retailers are concerned that government spending cuts, which could be combined with a higher tax on sales of goods, will further hit consumer sentiment, while economists also warn that factors including inflationary pressure and concerns about job security could keep consumer spending muted in the coming months. -By Simon Zekaria, Dow Jones Newswires; +44 207 842-9410; [email protected] (END) Dow Jones Newswires June 10, 2010 06:29 ET (10:29 GMT)