High Street giant Marks and Spencer saw profits drop by 15.7 per cent in the year ended March 31st due to higher impairments of assets and strategic programme costs.
Statutory pre-tax profit fell from £780.6m to £658m as non-underlying items had a £47.9m adverse impact, compared with a £66.3m gain the year before. Nevertheless, the market consensus was for £693m. On an underlying basis, pre-tax profit fell by just 1.2% from £714.3m to £705.9m.
Group revenue increased by 2% from £9,740.3m to £9.934,3m, shy of the £9.97bn forecast, owing to weakness in General Merchandise sales. Food and international sales were strong though.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
BC
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
