Retail market 'most difficult for 15 years' - Bolland

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The retail market is "probably the most difficult market it has been in the last 15 years", Marks and Spencer chief executive Marc Bolland has told Today, after the High Street retail giant reported its first rise in annual profits for four years. "Food sales were up very strongly and in a very difficult market, so when we say that we're having a better profit, we need to see that in the perspective of the retail market," he said. "We see deflation in the food market, and the high street has been having difficulties, so for us to have a 6.1% profit rise, and to also deliver more cash, because we delivered £96m more net cash before dividends, which is a strong number as well."