Marks & Spencer reports profits - graduate jobs

Graduates looking for retail jobs will be encouraged to hear the chairman of Marks & Spencer declare an end to the worst effects of the recession as the retailer returned to annual profits growth.

The high street retailer was helped to a 4.6% increase in annual profits to £632.5 million by an impressive fourth quarter of sales, significantly improving on a 40% drop last year.

The group's chairman Sir Stuart Rose warned over consumer worries ahead of June 22's emergency Budget, but said the "worst effects of the recession" had ended when presenting his last set of annual results. The results will please new chief executive Marc Bolland, who moved from rival Morrisons earlier in May.

Sir Stuart said M&S had also seen a "satisfactory start" to the new financial year. However, he added: "Consumers are naturally concerned about any impact of the Budget on June 22. We therefore remain cautious about the outlook for the year ahead."

M&S saw UK sales lift 0.9% over the year after a far-better-than-expected 5.1% rise in same store sales during the final quarter. The group's improved financial performance has seen the group share out an already-announced £81 million bonus pot among employees, including 50,000 store staff.