marks and spencer

Marks & Spencer have declined to issue a long-term performance bonus this year, after the retail firm missed their targets for the year.

However, certain staff members will still receive annual bonuses after chief executive Steve Rowe continued to meet performance goals.

In the statement the company confirmed that all executives were offered a 2 percent, which they declined to take. For the year, Rowe made £1.64 million, £810,000 of which was his base salary, far lower than the £975,000 earned by predecessor Mark Bolland.

The board’s update comes just two weeks after the retailer published its annual results for 2016, which showed another weak performance.

Marks and Spencer’s profits fell by almost two thirds to £176.4 million last year, with the retailer attributing the decline to weaker clothing sales and higher costs from opening new food stores.

Sales remained flat at £10.6 billion in the year to the end of March 2017.