Pink mushroom punnets for breast cancer awareness month
Nevada Republicans whip up fears of California's influence
Drug-resistant salmonella linked to raw chicken in 29 states — CDC
Seasonal flu vaccine now available for free across the province
Polio-Like Disease Striking Children: What You Need to Know
Marks & Spencer tackles structural issues as profits slump
23 May 2018, 04:56 | Rodolfo Wallace
Toby Melville Reuters
FTSE 100-listed Marks & Spencer PLC said on Wednesday that profit slumped in its recently ended financial year, as it works to rectify "a number of structural issues" at the company.
M&S reset its strategy in November, two months after retail veteran Archie Norman joined as chairman, detailing a five-year programme of store closures and relocations, and moves to make its misfiring food business more competitive. The shares are outperforming the broader United Kingdom market, with the benchmark FTSE 100 index having slipped into the red and now standing 0.56 percent lower at 7,833.17 points.
The high street staple's pre-tax profits plunged 62.1pc to £66.8m for the year ending March 2018, largely impacted by£321.1m of costs linked to shutting underperforming shops. In addition, M&S reported strong cash generation, even after restructuring costs reduced net debt by 107.2 million pounds, enabling the group to maintain a full year dividend of 18.7p.
The update comes after the retailer announced the next tranche of United Kingdom stores proposed for closure yesterday, noting that it would now close over 100 stores in total by 2022. The full stores stock both fashion and food.
Adjusted pretax profit still fell 5.4% to GBP580.9 million, hit by a decrease in its Food gross margin, which fell "more than expected" by 140 basis points during the year.
US will crush Iran: Mike Pompeo
Whatever Trump may eventually decide to do, he should not claim to do it in the name of "the long-suffering people of Iran". Among the items on Pompeo's wish list is a full acknowledgment of Iran's previous attempts to develop a nuclear weapon.
"This is vital as we start to leverage the strength of the M&S brand and values across a family of businesses to deliver sustainable, profitable growth in three to five years".
That was ahead of analysts' average forecast of £573 million but down from £613.8 million made in 2016-17. "These changes come with short term costs which are reflected in today's results", said Steve Rowe, Marks & Spencer CEO in a statement.
M&S lost more ground in its fourth quarter, with like-for-like clothing and home sales down 3.4 percent, worse than the previous quarter's 2.8 percent drop, and same store food sales down 0.6 percent, against a third quarter fall of 0.4 percent.
M&S is not the only retailer finding the going tough in Britain.
Guardiola Extends Man City Deal Till 2021
Manchester United received more money than champions Manchester City from the Premier League for the 2017-18 season. Guardiola revealed his delight at signing the new contract, saying: "I am so happy and excited".
Andy Serkis' Mowgli Is A Darker Take On The Jungle Book
On the general tone of the film, Serkis explains, "We wanted to engage much more closely with the tone of the book". Serkis complimented Christian Bale ( Bagheera ) and Cumberbatch for their portrayal of their respective characters.
Police cornered Texas school shooter within four minutes
He said he had asked police to allow him to go into the school during the standoff so his son could kill him instead of students. Two teachers and eight students, including Pakistani exchange student Sabika Sheikh, 17, were killed in the attack, police said.
Ramos expects tough final against Liverpool
Ryan Giggs has revealed who he hopes wins the Champions League final on May 26 in Kiev - but not for the reason you might think. We know there is an equally well qualified team on the other side.
Pence warns Kim not to 'play' Trump
Moon, long an advocate of engagement with North Korea , must try to convince Trump that it's worth proceeding with the Kim summit. The group that arrived by charter flight from Beijing is made up of media from the U.K., Russia, China and the United States.