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20/05/2014
M&S Annual Profits Fall For Third Year In A Row
High street retailer Marks and Spencer has revealed a drop in profits for the third consecutive year.
The retailer reported a 3.9% drop in its underlying annual pre-tax profit to £623m.
The chain also said that it sales rose by 2.7% to £10.3bn in the year to March 29.
While the companies like-for-like sales, which includes clothes and furnishings, were down 1.4% in the year, its like-for-like food sales in the same period were up 1.7%.
Chief executive Marc Bolland said: "We are focused on improving our performance in general merchandise and were pleased to see early signs of improvement."
(CVS/CD)
The retailer reported a 3.9% drop in its underlying annual pre-tax profit to £623m.
The chain also said that it sales rose by 2.7% to £10.3bn in the year to March 29.
While the companies like-for-like sales, which includes clothes and furnishings, were down 1.4% in the year, its like-for-like food sales in the same period were up 1.7%.
Chief executive Marc Bolland said: "We are focused on improving our performance in general merchandise and were pleased to see early signs of improvement."
(CVS/CD)
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