Marks & Spencer saw profits sink 62 percent over the year to March, after accelerating its store closure programme and cutting hundreds of jobs.

It latest turnaround plan led to a £321.1 million cost hit, with closing stores and revamping existing ones turning out to be a costly business. The group revealed the location of the further 14 stores that are to be closed, on top of the 21 that have already been shut.

Performance fell heavily in the fourth quarter due to the effect of “unseasonable weather” in March.

The group also said its clothing and homeware ranges were failing to attract young people and families, despite a rise in womenswear sales for the first time in seven years.

M&S (LON:MKS) shares are trading slightly up on the news, up 2.91 percent at 300.29 (0904GMT).