M and M Direct Reverses Profit Decline After New Boss Joins

Online casual and sportswear retailer M and M Direct has seen sales and profit increase, reversing a decline over the previous two years.

Operating profit at the retailer increased 66 per cent to 6.4 million in the year to February 28 and sales grew 7.4 per cent to £113.4 million, according to trade magazine Retail Week. Retail week said pre-tax profit increased about three fold to just over £6 million.

That reverses the declines for the previous two years when pre-tax profit dropped to just over £2 million, a quarter of their 2010 levels, and sales slid.

M and M poached John Lewis online boss as chief executive last year. He replaced former Argos and Tesco online executive Steve Robinson.