Marks & Spencer has recorded a fall in its preliminary pre-tax profits, but boss Steve Rowe heralded “green shoots” in the department store’s ongoing transformation plan.
Profit before tax and adjusted items fell 9.9% to £523.2m in the 52 weeks to March 30. Excluding adjusted items, the retailer’s pre-tax profit rose 26.6% to £84.6m.
Group revenue fell 3% to £10.4bn during the period.
M&S food sales were down 0.6%, exacerbated by a 2.3% decline in like for likes.
The department store’s clothing arm posted a 3.6% decline in sales, which it said was “impacted by store closures.” Like-for-like sales were also down 1.6%.
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