LONDON Marks & Spencers bottom line pre-tax profit tanked by 63.5% last year, as the struggling department store spent hundreds of millions on a turnaround plan and clothing sales continued to decline.
Marks & Spencer published its full-year results on Wednesday for the 52 weeks to April 1. Here are the key figures:
- Revenue: Up 2.2% on the previous year to £10.6 billion;
- Clothing & home sales: Down 2.8%;
- Food sales: Up 4.2%;
- Total UK sales: Up 1.3%;
- Profit before tax and adjusted items: Down 10.3% t0 £613.8 million;
- One-off costs: £437.4 million;
- Pre-tax profit: Down 63.5% to £176.4 million.
The results show that, while food remains a br…
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