Marks & Spencer cut its annual profit 2.6 times

The British chain of department stores Marks & Spencer Group following the results of the financial year, which ended March 31, reported about the drop in pre-tax profit by 62%, or 2.6 times, to 66 million 800 thousand pounds sterling. The decrease was due to the planned closure of some stores. The one-time write-offs in this regard amounted to 515 million pounds. Adjusted profit was 580 million 900 thousand pounds, 5.4% down. The company increased revenue for the year by 0.8% to 10 billion 700 million pounds. Previously, Marks & Spencer announced plans to close more than 100 stores until the end of 2022. The profit after accounting for taxes in the past financial year fell by 75% to 29 million 100 thousand pounds. At the same time, the company retained annual dividends at the level of 18.7 pence per share.

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