M&S chief executive Stuart Machin has said that the retailer will not be rolling out a designated loyalty pricing model for its Sparks members as it doesn’t do “tricksy pricing”.

Machin believes giving differentiated prices to loyalty members is at odds with its mission of being “a trusted retailer”.

“The reason I do say ‘tricksy’, is we don’t think that by giving customers who are just on Sparks different special prices, and not giving those to everyone, is being a trusted retailer,” he said.

“To be the most trusted retailer which our customers expect us to be, we are quite against a lot of ‘high-low’ promotions.”

In January, M&S confirmed that it had abandoned its trial of ‘Sparks Prices’, which offered exclusive discounted priced for members, amid a review of the loyalty programme.

Machin said today that M&S is working on a plan to “rethink” its current Sparks offer, which he wants to be “highly personalised”.

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“We want it to mean something, but we don’t want it to be just about getting a special deal just for that day.”

Machin said that M&S had worked hard to create a “first price, right price” strategy and will continue to invest in price in the year head.

“We’ve kept our prices almost flat and we intend to do that over the next 12 months as well. We’re keeping our promotions very limited and that’s in clothing, home and food.

M&S unveiled its 58% rise in full-year profit thanks to the success of its turnaround plan and reshaping its food business.

The upmarket grocer posted a profit before tax and adjusting items of £716.4m in the 52 weeks ending 30 March – a jump from £453.3m the previous year.