M&S profits drop for third year running as clothing sales disappoint again

Britain’s biggest clothing retailer Marks & Spencer has reported a third consecutive year of falling profits.

Underlying profits before tax fell 3.9% fall to £623m in the year to March 29.

Like-for-like sales in the general merchandise category dropped 1.4%.

However, food sales were on the up, and saw a 1.7% rise while international sales were up 6.2%, thanks to a strong performance in India and China.

The retailer’s group sales rose by 2.7% to £10.3bn in the year to 29 March.

Chief executive Marc Bolland said: “Three years ago, we recognised the scale of investment required to transform our business, investing to strengthen our foundations and improve our customer offer.

“We are making solid progress on this journey and are now focused on delivery.”

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