More of the same from Marks & Spencer as profits disappoint again

Profits at Marks & Spencer have fallen for the third year in a row. But is there a glimmer of hope for the beleaguered retailer?

It was more of the same from Marks & Spencer (LSE: MKS) today, as it announced its third straight year of profit falls. Underlying profits before tax fell by 3.9% to £623m in the 12 months to 29 March.

The figures are broadly in line with City expectations analysts had forecast profits of between £600m and £630m but that hasn't stopped the stock taking a hit today. The price is down 2.9% to 438p.

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Ben Judge

Ben studied modern languages at London University's Queen Mary College. After dabbling unhappily in local government finance for a while, he went to work for The Scotsman newspaper in Edinburgh. The launch of the paper's website, scotsman.com, in the early years of the dotcom craze, saw Ben move online to manage the Business and Motors channels before becoming deputy editor with responsibility for all aspects of online production for The Scotsman, Scotland on Sunday and the Edinburgh Evening News websites, along with the papers' Edinburgh Festivals website.

Ben joined MoneyWeek as website editor in 2008, just as the Great Financial Crisis was brewing. He has written extensively for the website and magazine, with a particular emphasis on alternative finance and fintech, including blockchain and bitcoin. 

As an early adopter of bitcoin, Ben bought when the price was under $200, but went on to spend it all on foolish fripperies.