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M&S profit falls for third straight year
May 20, 2014 / 6:11 AM / in 4 years

M&S profit falls for third straight year

LONDON, May 20 (Reuters) - British retailer Marks & Spencer posted a 3.9 percent fall in annual profit, a third straight decline, with three years of heavy investment yet to revive its underperforming non-food business.

Britain’s biggest clothing retailer, which also sells homewares and upmarket food, said on Tuesday it made a profit before tax and one-off items of 623 million pounds ($1.05 billion) in the year to March 29.

That compares with analyst forecasts of 600-630 million pounds, with a consensus of 615 million pounds, and 665.2 million pounds made in 2012-13.

For the first time the profit outcome is below the annual profit made by faster growing rival Next.

M&S did, however, propose a maintained dividend of 17 pence. ($1 = 0.5943 British Pounds) (Reporting by James Davey; editing by Paul Sandle)

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