Marks & Spencer report massive 62% drop in pre-tax profit

Marks & Spencer has reported a huge 62.1% fall in annual pre-tax profit to £66.8 million.

The British brand, which is currently mid-way a transformation project recently confirmed plans to close over 100 stores in total by 2022, including 18 that have already closed, three that have relocated, plus 14 announced yesterday.

M&S has previously described its food line as experiencing "ongoing under-performance", with Rowe pledging to slow down growth of its Simply Food chain in the interim.

It comes amid the Sainsbury’s Asda takeover, Tesco’s £4billion buyout of Booker and the rise in budget supermarkets Aldi and Lidl.

Store closures are part of a wider project announced in November 2016 to reduce the firm’s shopfloor space on food and clothing in a project spearheaded by chairman Archie Norman.

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