Retail giant Marks & Spencer has posted a 10% drop in annual profits as people turn their backs on the chain’s clothes and food hauls.On Wednesday morning, it posted underlying pre-tax profits of £523.2 million for the year to March 30.Boss Steve Rowe said there were ‘green shoots’ of a turnaround, but added that performance was not consistent and had been hit by its store closure programme and wide-ranging revamp plan.
It said: ‘Our strategy is as much about right sizing, relocating and new openings as it is about closures.Comparable sales in its troubled womenswear arm dropped 1.6% with a 1.3% fall in the final three months after it was hit by the timing of Easter and poor stock availability. Mr Rowe said: ‘Whilst there are green shoots, we have not been consistent in our delivery in a number of areas of the business.
It’s not just any plunge, it’s an M&S plunge.
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