Marks and Spencer (LON:MKS) reported its full-year results for the year ending 30 March 2019.
The retailer said that group revenue fell 3% to £10,377.3 million, compared to £10,698.2 million the year before.
Pre-tax profits fell 9.9% to £523.2 million, down from £580.9 million a year before. Meanwhile, like-for-like sales were also down 2.9%.
The company said that profits were impacted by £438.6 million in exceptional costs, including £222.1 million relating to its transformation plan.
UK Food revenue, one of the retailer’s biggest revenue drivers, fell 0.6%, with like-for-like revenue down 2.3%
Home and Clothing revenue, which has been struggling for several quarters, was down a further 2.9% largely as a result of store closures.
Marks and Spencer also announced that it is set to close a further 110 stores by 2023, as it looks to revive its fortunes.
Steve Rowe, Marks & Spencer Chief executive commented on the figures:
“We are deep into the first phase of our transformation programme and continue to make good progress restoring the basics and fixing many of the legacy issues we face. As I have said, at this stage we are judging ourselves as much by the pace of change as by the trading outcomes and change will accelerate in the year ahead.
“Whilst there are green shoots, we have not been consistent in our delivery in a number of areas of the business. M&S is changing faster than at any time in my career – substantial changes across the business to our processes, ranges and operations and this has constrained this year’s performance, particularly in Clothing & Home.
However, we remain on track with our transformation and are now well on the road to making M&S special again.”
Shares in Marks and Spencer are currently down -4.02% as of 10:45AM (GMT).
