Retail Analyst: M&S closures 'a relief'
- 6 years ago
Marks & Spencer has unveiled another year of falling profits as the high street giant counts the cost of its transformation programme.
The retailer reported a 62.1% fall in pre-tax profit to £66.8 million in the year to March 31 as it was dragged down by £321.1 million in costs linked to a store closure programme.
Judi Bevan, retail analyst and author of 'The Rise and Fall of Marks & Spencer' has said the closures are a ''relief'' because ''they're finally grasping the nettle''. Report by Khanomh. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The retailer reported a 62.1% fall in pre-tax profit to £66.8 million in the year to March 31 as it was dragged down by £321.1 million in costs linked to a store closure programme.
Judi Bevan, retail analyst and author of 'The Rise and Fall of Marks & Spencer' has said the closures are a ''relief'' because ''they're finally grasping the nettle''. Report by Khanomh. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn