Marks & Spencer reports sharp drop in annual profits

Clothing and food sales fall as closure plan incurs £321m bill

Marks & Spencer has reported a sharp fall in annual profits as it revealed a deterioration in clothing sales and extensive store closure costs.

Pretax profits at the retail giant slumped 62% to £66.8m after a £514.1m bill for restructuring that included £321m to pay for the first phase of its store closure plan. One in three of its core clothing and home stores is scheduled to disappear from the high street within four years and the group warned that a further £150m of closure costs would follow.

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