M&S shows pain of latest turnaround with profit fall

On track: Shoppers pass a Marks and Spencer shop in central London. Despite the profit fall, M&S says its transformation plan is on track and the pace of change would accelerate in its new financial year. — AFP

LONDON: Britain’s Marks & Spencer (M&S) reported a 10% fall in full-year profit, a third straight decline, along with falls in quarterly underlying sales of both clothing and food, showing the pain of its latest attempt at a multi-year turnaround.

Despite the profit fall M&S said its “transformation plan” was on track and it said the pace of change would accelerate in its new financial year.