M&S announce first fall in profits for three years

Marks & Spencer boss Marc Bolland slashed sales targets for the next year as he announced the first fall in profits for three years.

  • In November 2010, the group set a target to grow revenues between £1.5 billion and £2.5 billion over three years
  • This has been cut to £1.1 billion and £1.7 billion
  • The company will invest £200 million less in UK stores over the next two years

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M&S profits fall by 1%

Marks and Spencer has reported a 1% fall in annual profits to £705.9 million for the year to March 31 - its first drop in three years.