Total UK sales grew 1.8 percent to 9,611.0 million pounds as UK costs were up 1.8 percent during the year due to costs of new space, inflation and channel shift offset by efficiencies and lower incentive costs. It is now worth less than both online grocer Ocado (OCDO.L) and online fashion website ASOS (ASOS.L), starkly illustrating how shopping habits have changed in only a decade.
Figures for the period to the end of March this year show pre-tax profits fell from £176.4 million to £66.8 million with the company shouldering exceptional costs of £514 million - a large chunk of which was the closure costs.
"We have been clear about our plans to accelerate our store closure program and the action we must take to build a business with sustainable, profitable growth", an M&S spokesperson said.
"For investors a dividend yield of over 6% is an attractive stopgap, but at the moment Steve Rowe's promise to make M&S special again requires a leap of faith", said Laith Khalaf, senior analyst at Hargreaves Lansdown.
"These changes come with short term costs which are reflected in today's results".
Its full year results for the year ended March 31st, 2018, group revenue was up marginally to £10.7 billion, but profit after tax fell 74.8 per cent to £29.1 million from £115.7million.
However, shares in M&S were up 4.5% at 304.90 pence on Wednesday, having hit a high of 311.00p earlier in the session.
M&S shares have fallen 26 percent over the previous 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. Whilst the fulfilment centre at Castle Donington has struggled to cope with peak demand and some of its systems are dated.
"There are a number of structural issues to address and we are taking steps towards fixing these", added Rowe.
Shares in M&S have fallen 26% over the past year and the firm is in danger of being booted out of the FTSE 100 index.
M&S admitted its clothing and home division was failing to attract younger customers and families.
M&S has launched a series of turnaround plans since the financial crisis - with clothing and home consistently dragging.
Looking to the year ahead, M&S said it expects Clothing & Home gross margin to be flat to up to 50 basis points higher, "with the first half of the year adversely affected by currency and sale timing".
Santa Fe Independent School District Police Chief Walter Braun said Monday Barnes was in the intensive care unit after surgery. According to CNN , there have now been 22 shootings on school premises in the us this year in which someone was hurt or killed.
Chief Executive Officer of Total Patrick Pouyanne has predicted that the price of a barrel of crude will hit $100 later this year. Global inventories of crude and fuel have dropped sharply in recent months owing to robust demand and Opec-led production cuts.
In 1967, before Israel's victory in the Six Day War, 196,000 Jews lived in Jerusalem, compared to only 55,000 Palestinian Muslims. UN Secretary-General Antonio Guterres and the European Union have also called for an independent probe.
Michigan State and legal professionals for 332 victims introduced Wednesday that they've reached a $500 million settlement. Attorney James White said $425 million will be paid now while another $75 million will be held in reserve.
Richarlison and Gerard Deulofeu will hope for recalls after being left out of the starting XI for their last match. So far the identity of the player leaving Old Trafford has not been revealed but it could be Anthony Martial.
Of the 16 cards to be produced Hearn promises 12 of them will be top of the line shows and 4 will be "absolute monsters". But the biggest takeaway was the magnitude of the investment and the scope of Perform Group's ambition in the U.S.
Comparable sales on an owned basis were up 3.9 percent in the first quarter and up 4.2 percent on an owned plus licensed basis. Further, it has been operating in a friendly economy environment, marked by strong consumer sentiment and spending, he said.
One theory presented in the Guardian is that the illusion is an example of "perceptually ambiguous stimulus". So, the good (and infuriating) news is that whatever you, your friends, and your coworkers hear is correct.
When Trump nominated Haspel for the post, damning reports surfaced-which later proved to be false-about her tenure at the prison. Haspel's service and sacrifice, after meeting with her and reviewing classified documents, I do not think she is that person".
The Senate passed the bill 52-47, with three Republicans and two independents joining Senate Democrats to approve the bill. Neither tipped a hand until they voted a few hours earlier Wednesday to move the measure past a procedural hurdle.
The panel is expected to send the nomination on to the full Senate in coming weeks where confirmation will be tight. She warned that confirming Haspel would send a message to allies that the US approves of what happened after 9-11.
Uber Sexual Assault Victims No Longer Forced Into Arbitration
If this approach survives court challenges, it could limit the potential payout for lawyers and damages that Uber could face. Jeanne Christensen, the attorney representing the women who wrote the letter, says the change caught her by surprise.
Lars shocks them at Cannes
In the end, it looks like The House That Jack Built might end up being shocking for the sake of being shocking and little else. In fact, the overall reaction seemed to be positive as it received a six-minute long standing ovation in the theater.
Wayne Rooney Moves A Big Step Closer To Joining DC United
Everton manager Sam Allardyce has prioritised the signing of a top goalscorer as he aims to take the club into the top six. Wayne Rooney has played his last game for Everton after saying his goodbyes on Saturday, according to Sky Sources .
Today May 10 iShares MSCI New Zealand ETF (ENZL) Drops 0.74%
The Average Directional Index or ADX is technical analysis indicator used to discern if a market is trending or not trending. The indicator is non-directional meaning that it gauges trend strength whether the stock price is trending higher or lower.