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M&S shares fall after reporting profits down again

M&S profits were down 3.9% to £623 million. Credit: Press Association Images/Peter Byrne

Marks & Spencer saw its shares fall by 2% in early trading on the back of a fall in profits in the last year.

Chief executive Marc Bolland, who has been in the job for three years, told investors last year that the prospect of better returns within a year was no "fairytale".

M&S chief: 'We're making solid progress'

Marks & Spencer boss Marc Bolland said progress was being made. Credit: Press Association Images/John Stillwell

M&S chief executive Marc Bolland said the company was making "good progress" despite reporting a fall in profits for the third year in a row, down 3.9% to £623 million.

"We are focused on improving our performance in general merchandise and were pleased to see early signs of improvement," he said.

He added that the progress would take time given the revamp to the company's website which was impacting on clothing sales.

"We are making solid progress on this journey and are now focused on delivery," Mr Bolland added.

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