Home Business News M&S posts 10 per cent drop in annual profits

M&S posts 10 per cent drop in annual profits

by LLB Reporter
22nd May 19 9:36 am

M&S has had falling sales across their clothing arm and food halls and has posted a 10% fell in annual profits.

The retail giant posted underlying pre-tax profits of £523.2m in the year to 30 March, compared to £580.9m the year before.

Steve Rowe chief executive said there were “green shoots” over the company’s turnaround, he added that performance has not been consistent due to their store closure programme along with the wide-ranging revamp plan.

Like-for-like sales in the food halls dropped by 2.3% after a 1.5% decline in the last quarter, along with the timing of Easter.

Rowe said, “Whilst there are green shoots, we have not been consistent in our delivery in a number of areas of the business.

“M&S is changing faster than at any time in my career – substantial changes across the business to our processes, ranges and operations – and this has constrained this year’s performance, particularly in clothing and home.

“However, we remain on track with our transformation and are now well on the road to making M&S special again.”

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