UPDATE 3-M&S shows pain of turnaround plan with 10% profit fall [Reuters]
MARKS & SPENCER GRP S/ADR (MAKSY)
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Source: Reuters
M&S shows pain of turnaround plan with 10% profit fall - Reuters 5 Min Read LONDON (Reuters) - Marks & Spencer asked to be judged on how it is changing as much as its financial results on Wednesday, as the British retailer reported a third straight drop in annual profits. The 135-year-old mainstay of Britain’s shopping streets is closing weaker stores, revamping ranges and investing online, trying to avoid the fate of a string of UK chains that have collapsed amid competition from the internet and rising costs. But after several failed reboots over the past decade, the jury is out on whether it can rise to the challenges posed by fast-fashion chains such as Zara and H&M in its clothing business, or thrive in a notoriously competitive UK food market. Despite a 10% percent drop in annual profit - not including 438.6 million pounds ($556 million) of one-off costs mostly linked to its latest turnaround plan - Marks and Spencer (M&S) highlighted “green shoots” of recovery and said it would
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