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. 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.

Source: Irish Independent May 23, 2018 06:33 UTC