Profits dive 62pc at M&S
M&S has reported a fall of 62pc in pre tax profits.
After taking account of adjusted items of £514.1m, including £321.1m of charges relating to store closures, pretax profit at M&S was £66.8m for the year ending 31 March 2018, a 62.1pc fall year-on-year.
The supermarket chain reported a 5.4pc fall in full-year profit, a second straight decline, hurt by a weakening in the food profit margin.
M&S, one of the best known names in British retail, made a pretax profit before one off items of £580.9m in the year to March 31.
That was ahead of analysts' average forecast of £573m but down from £613.8m made in 2016-17.
During the period revenue increased by 0.7pc to £10.7bn, while basis earnings per share before adjusted items were 1.6p, a fall of 77.8pc.
"At our half year results in November I outlined the need for accelerated change at M&S," Steve Rowe, Marks & Spencer CEO said.
"The first phase of our transformation plan, restoring the basics, is now well under way and the actions taken have increased the velocity of change running through our business. These changes come with short term costs which are reflected in todays results."