James Ashton: M&S boss Marc Bolland needs a problem-free year

The euphoria greeting Marks & Spencer’s profit rise masks the fact that this was a good year for the retailer, but not great.

Although it has created buzz — with David Gandy’s underpants and Alexa Chung's suede skirt — by its own admission clothing sales should have been better and its website blew a fuse in the Christmas run-up.

Under chief executive Marc Bolland, M&S is moving in the right direction but still making £50 million less profit than when he arrived four years ago on annual sales that have hovered around the £10 billion mark.

You might think that an enormous amount of effort has been expended to stand still, but the bald numbers do not take into account cut-throat high street competition, the rise of online shopping and the need to invest to make creaky M&S trendier and more efficient.

Where Bolland and his style director Belinda Earl have succeeded this year is making M&S a fashionista’s guilty pleasure.

The company has worked out how to quickly restock must-have items and made over in-store displays so they are brighter and lighter.

Meanwhile, M&S Food powers on regardless of the supermarket turf war. With Tesco cutting back on its ranges, there is further opportunity ahead.