Britain’s M&S sees profit fall for second straight year

Britain’s Marks & Spencer on Wednesday reported a 5.4 percent fall in full-year profit, a second straight decline, hurt by a weakening in the food profit margin.

M&S, one of the best-known names in British retail, made a pretax profit before one-off items of 580.9 million pounds ($778.6 million) in the year to March 31.

That was ahead of analysts’ average forecast of 573 million pounds but down from 613.8 million pounds made in 2016-17.

After taking account of adjusted items of 514.1 million pounds, including 321.1 million pounds of charges relating to store closures, pretax profit was 66.8 million pounds, a 62.1 percent fall.

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