M&S profits fall for first time in three years

Marks and Spencer has reported a fall in annual profits for the first time in three years as trading conditions worsen for high street retailers.

Pre-tax profits for the year to the end of March were £658m, down 16% from the previous year's £781m. Like-for-like sales in the UK were up 0.3% on last year, while food sales in the UK were up by 2.1%. Sales of general merchandise, which includes food and clothing, fell by 1.8%. UK sales were £8.9bn, up by 1.5% on the previous year, with international sales of just over £1bn, 5.8% up on last year. In November 2010, chief executive Marc Bolland set a target to increase sales by between £1.5bn and £2.5bn over three years, but he has now revised this target to between £1.1bn and £1.7...