Retail giant Marks & Spencer has reported a 1% fall in annual profits, the first such drop in three years.
- Total UK sales are up by 1.5%
- Food: up by 3.9%
- General Merchandise: down by 0.9%
- Clothing: up by 0.2%
- Home: down by 10%
- Profit before tax: £705.9 million (last year's before tax profit: £714.3 million)
The glamorous grans remain the key battleground for Marks and Spencer
M&S profits drop is not significant: the real news is their profit prediction u-turn. They don't see consumer confidence returning soon.
M&S announce their first fall in profits in three years. Will the CEO follow the example of Tesco boss Philip Clarke and waive his bonus?