May 22, 2019 / 6:16 AM / 3 months ago

Britain's M&S profit fall shows pain of latest turnaround

LONDON, May 22 (Reuters) - Britain’s Marks & Spencer reported a 10% fall in full-year profit, a third straight decline, along with falls in quarterly underlying sales of both clothing and food, showing the pain of its latest attempt at a multi-year turnaround.

M&S, one of the best known names in British retail, said on Wednesday it made a pretax profit before one off items of 523.2 million pounds ($664.4 million) in the year to March 31. That compared to analysts’ average forecast of 519 million pounds but was down from 580.9 million pounds made in 2017-18.

The group, which said in May last year it was targeting sustainable, profitable growth in three to five years, said at this stage it is judging itself as much by the pace of change as by the trading outcomes. It said change will accelerate in the new financial year. ($1 = 0.7875 pounds) (Reporting by James Davey; editing by Kate Holton)

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