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New M&S FD buys shares

(SHARECAST) – Marks & Spcencer’s new finance director Alan Stewart has bought his first shares in the business.

Stewart, who took up his new role in October, has bought 10,000 shares at 375.44p each – a total cost of £37,544.

Stewart has previously been finance director of WH Smith, aircraft leasing company AWAS and Thomas Cook. Prior to that he worked for HSBC.

Earlier this month, M&S set itself the target of becoming the UK’s leading multi-channel retailer by 2013-14.

New chief executive Marc Bolland set out this target when he was reporting interim results that showed adjusted profit before tax in the 26 weeks to 2 October 2010 up 17% to £348.6m from £298.3m a year earlier.

Sales were more or less as trailed in the interim management statement, up 5% on a year ago at £4,569.7m. UK sales grew 6% year-on-year while international sales climbed 4%.

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