Marks & Spencer has unveiled another year of falling profits as the high street giant counts the cost of its transformation programme.
The retailer reported a 62.1% fall in pre-tax profit to £66.8 million in the year to March 31 as it was dragged down by £321.1 million in costs linked to a store closure programme.
Chief executive Steve Rowe said: “At our half-year results in November I outlined the need for accelerated change at M&S. Report by Khanomh. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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