Wednesday, 23 May 2018

Marks and Spencer closure costs result in 62% annual profit plunge



Marks and Spencer (M&S) has revealed steep falls in annual sales and profits, hours after accelerating its store closure programme.
 
The chain reported pre-tax profit in the year to 31 March came in 62% down on the previous year at £66.8m.
 
 
While its bottom line was hit by £321.1m in costs related to its latest turnaround efforts, as reported by Sky News, trading profits were 5.4% lower.


M&S said that reflected weaker food margins and like-for-like sales falling 0.9% in its core UK market.


The fourth quarter's performance showed a deterioration, largely blamed on "unseasonable weather" despite an earlier Easter.




SKY      News.