M&S announce store closures across the country

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Back in 2016, M&S embarked upon a five-year overhaul of its United Kingdom stores amid fierce competition from supermarkets and budget garment chain Primark - and particularly from online giants like Amazon.

Sacha Berendji-the retail, operations and property director at M&S said that that they are making nice advancement with their plans of restructuring their store chains for making them more relevant to the customers and to assist the online growth plans.

Of the total stores to be shut, 21 have already closed and 14 have been identified for closure.

At the end of 2017/18 M&S had 1,035 stores in the United Kingdom, with 300 Clothing, Home and Food, 696 Food-only and 39 Outlet stores. Ahead of the results published on Wednesday, the company said it plans to close more than 100 stories in the United Kingdom by 2022.

Commenting on the results Laith Khalaf, senior analyst at Hargreaves Lansdown, said M&S investors were essentially being asked to take a "leap of faith".

Profit before tax at Marks and Spencer (M&S) plummeted 62.1 per cent to £66.8 million last year from £176.4 million the year before, the company's full year results show.

Profit before tax and adjusting items was down 5.4 per cent to £580.9 million from £613.8 million the year before.

La inflación de abril en Neuquén fue del 2,68 por ciento
En base a estos resultados, durante el primer cuatrimestre del año lel costo de la construcción sumó 10,2 por ciento de aumento. Le siguió " Prendas de vestir y calzado " y " Transporte " ambas con un alza del 4,0%.

"At our half year results in November I outlined the need for accelerated change at M&S", Steve Rowe, Marks & Spencer CEO said.

"The team is now tackling transforming our culture to make M&S a faster, lower cost, more commercial, more digital business", he said, targeting sustainable, profitable growth in three to five years.

Group revenue, however, rose 0.7 per cent rise year-on-year from £10.62 billion to £10.69 billion and total sales in its food division were up 3.9 per cent.

Prior to Wednesday's update analysts were on average forecasting an underlying pretax profit of 555 million pounds for 2018-19.

"Whilst we think that it is too early for the full impact of the Sugar Tax, in the United Kingdom and Ireland, to be fully realised we will look for comments around the initial implementation and feedback from customers", its analysts said in a note earlier this month.

Mothercare, well known for maternity and baby products, will be shuttering 50 stores, while youth fashion chain New Look is closing 60 outlets.

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