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