Trump says he shows firmness regarding Putin, helps Ukraine strengthen army
2 die in fighter jet crash in Ukraine, US pilot "involved"
Man takes woman hostage in train station
Sen. Elizabeth Warren Releases Evidence of Native American Ancestry
More disruption expected as Storm Callum batters UK
M&S reveals another year of falling profits
23 May 2018, 06:27 | Tara Lloyd
Marks & Spencer has reported a 62.1% fall in pre-tax profit to £66.8 million in the year to March 31
As of 08:35 BST, Marks & Spencer's share price had added 5.18 percent to 306.91p. "These changes come with short term costs which are reflected in today's results", said Steve Rowe, Marks & Spencer CEO in a statement.
As of the end of March, the retailer had 1,035 United Kingdom stores, made up of 300 clothing, home and food stores, 696 food-only stores and 39 outlets.
M&S shares have fallen 26 percent over the past year and it risks being booted out of the FTSE 100 index as it is now worth less than both online grocer Ocado and online fashion website ASOS, starkly illustrating how shopping habits have changed in only a decade.
Prior to Wednesday's update, analysts were on average forecasting an underlying pretax profit of 555 million pounds for 2018-19, which would be a third straight year of decline.
After taking account of adjusted items of 514.1 million pounds, including the charge relating to store closures, pretax profit was 66.8 million pounds, a 62 percent fall.
Yesterday, M&S said it would close 100 United Kingdom stores by 2022, further accelerating the plan as it strives to make at least a third of sales online.
Group revenue, however, rose 0.7 per cent rise year-on-year from £10.62 billion to £10.69 billion and total sales in its food division were up 3.9 per cent.
M&S warned that an increasing shift in consumer behaviour towards online shopping for fashion, growth in home food delivery and competition from discounters Aldi and Lidl "all amount to threats to our business and market position".
"We have to modernise our business to ensure we are competitive and reignite our culture".
"In the previous year traditional retailers like Marks have faced a ideal storm of rising costs, a constrained consumer, and the relentless growth of online competition", said Hargreaves Lansdown analyst Laith Khalaf.
M&S is also improving its website and investing in its e-commerce capacity, including a site at Castle Donington, with the aim of doubling its online share of clothing and home sales to more than 33%.
"Alongside relocations, conversions, downsizes and the introduction of concessions, these closures will radically reshape M&S's clothing and home space", the firm said.
Vettel denies Ferrari sandbagging in Spain
Bottas was fastest with a lap of 1:18.148 seconds at the Circuit de Barcelona-Catalunya, almost a second quicker than Hamilton. Carlos Sainz also cleared Alonso in the dying minutes of the session as Renault looks to recover from a hard Friday.
Is Wayne Rooney moving to MLS?
Allardyce's side take on West Ham on Sunday at the London Stadium in their final Premier League match of this season. Wayne Rooney has not asked to leave and neither has Wayne Rooney had a confrontation with me.
Snapchat rolls out new app redesign for iOS
Stories can now be shared outside the app on the web, while the app also gained new text and mute options . Last week he said about the design, "A change this big to existing behaviour comes with some disruption".
Senate Votes To Reinstate Obama-Era Net Neutrality Rules
He runs the Democrats' 2018 campaign operation and says Republicans are miscalculating how much voters care about this issue. Last week Charter replied to these allegations by again claiming that states have no authority over them .
Newport Police Department participates in National Police Week
Kramer, who served with the West Yellowstone Police Department in Montana, was killed October 22, 2006, in an automobile accident. May 15th is National Peace Officers Memorial Day, a time to remember those who have been killed in the line of duty.
Karnal firm cheats PSU bank of Rs 155 crore
The lender said its provision coverage ratio (PCR) improved to 62.91 per cent in FY 2017-18 up from 50.11 per cent in FY 2016-17. Its return on assets became negative at (-) 0.03 per cent at the end of March quarter as against 0.15 per cent in the year-ago.
YouTube Music Streaming Service Similar to Spotify Launches Soon
With Google focusing its resources on artificial intelligence, AI makes a big impact for Google users who will use YouTube Music . A new YouTube Music streaming service is set to launch on May 22 for users to stream music at both free and premium price points.