UPDATE, MAY 24:
Profits at Marks and Spencer fell by 64% to £176.4m last year following a costly business overhaul, the BBC have reported.
The retailer claimed that a ‘decline in clothing sales and higher costs from opening new food stores were partly to blame for the fall’.
Clothing fell by 3.4% after a rise in sales at Christmas, however sales slowly fell between January and April.
One reason for this could be the result of the retailer scrapping promotional days, like cyber events and Black Friday.
Could Marks and Spencer be next to go from our high street?
FIRST PUBLISHED ON MAY 22:
Marks & Spencer is expected to report a 3.3% drop in fashion sales for the full year later this week, The Times reported.
The result, which are due to be revealed on Wednesday, May 24, are expected to show a decline in M&S’s annual clothing and home ware sales of 3% in the first three months of 2017. Food sales are expected to have fallen by 0.6%.
Yesterday, May 21, The Guardian reported that “pre-tax profits of £603m for the year to March 31 where down from £690m a year ago, as the combination of rising costs and falling sales eats into the company’s profitability”.
The slump comes after high sales over Christmas.
Earlier this month, Marks & Spencer appointed former Asda boss, Archie Norman, as non-executive chairman on May 5.
Prior to this, Marks & Spencer appointed Halfords chief executive, Jill McDonald, as managing director for clothing, home and beauty on May 3.