M&S profits slump on store closure costs

M&S profits slump on store closure costs

Marks and Spencer has suffered a steep drop in annual profits, after taking a big charge to cover the cost of closing stores.

The retailer’s pre-tax profits fell by 62% to £66.8m from £176.4m in 2017.

Profits were hit by a one-off charge of £321m to cover the reorganisation of its stores across the UK.

The retailer announced on Tuesday that it plans to close 100 shops by 2022, accelerating a revamp that it says is “vital” for its future.

Source: BBC News

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