M&S profits slump on store closure costs

Marks & Spencer store frontImage copyright

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.

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

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