M&S, one of the best known names in British retail, made a pretax profit before one off items of £580.9m in the year to March 31.
In addition, the group is set to close 25 percent of its Clothing & Home space to as sales shift online and investing to increase and improve its commerce capacity to support its aim to double its online sales to more than 33 percent.
Shares in M&S have fallen 26 percent over the a year ago and the firm is in danger of being booted out of the prestigious FTSE 100 index. The company has "kitchen sinked" with huge exceptional items resulting from its store closure programme, the broker said.
M&S will now close more 100 stores in total by 2022, including 21 that have already closed and the 14 Clothing & Home store closures announced yesterday: Bayswater, Fleetwood Outlet and Newton Abbot Outlet will close by the end of July 2018; Clacton and Holloway Road will both close by early 2019; Darlington, East Kilbride, Falkirk, Kettering, Newmarket, New Mersey Speke, Northampton, Stockton and Walsall are proposed for closure and entering a period of consultation with employees.
Marks & Spencer (M&S) today announced that it has dropped prices on 200 food lines in its "biggest ever" price investment in the Republic of Ireland.
Britain's Marks & Spencer on Wednesday reported a 5.4 percent fall in full-year profit, a second straight decline, hurt by a weakening in the food profit margin.
"Closing stores isn't easy but it is vital for the future of M&S".
Clothing and home revenue fell 1.4% and like-for-like sales decreased 1.9% amid a tough retail market.
"Until recently the food business was the bright spark which kept hopes for growth from M&S alive, but now that seems to have dimmed too", said Laith Khalaf, senior analyst at Hargreaves Lansdown.
M&S said its store closure programme would reduce costs by at least £250mln and provide a "platform for growth in later phases of our plan". There are a number of structural issues to address and we are taking steps towards fixing these. Whilst the fulfilment centre at Castle Donington has struggled to cope with peak demand and some of its systems are dated.
However, the M&S boss highlighted that these changes come with costs, which were reflected in Wednesday's results.