Marks & Spencer profits down by 1%

Marks & Spencer profits have dropped by just under £10 million from last year Credit: Press Association

Marks & Spencer reported a 1% fall in annual profits for the year.

This year they made £705.9 million profit before tax, compared to £714.3 million last year.

The fall is the first drop in profits for the retailer in three 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.