Marks and Spencer Sales, Pre-Tax Profits Decline as Turnaround Begins
One year ago - By WWD
LONDON - Marks and Spencer reported sales and profits were down in the financial year as it shifts shape, from its shrinking store footprint to its smaller clothing sizes and plans for fewer collections, to its emphasis on digital through a new deal with Ocado.
On Wednesday, the British retailer said revenue was down 3 percent to 10.38 billion pounds in the 12 months to March 31, with profit before tax and adjusting items falling 9.9 percent to 523.2 million pounds. Profit after tax climbed 28.2 percent to 37.3 million pounds, due to a decrease in adjusting items including operating...
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Profits drop at Marks & Spencer
One year ago - By Drapers
Marks & Spencer CEO Steve Rowe has insisted there are “green shoots” in the business' transformation plans, despite the retailer reporting a 9.9% drop in profit before tax and adjusting items for the year to 30 March 2019.
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