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23 May 2018

Marks and Spencer struggles in age of online retail

Marks and Spencer is in danger of demotion from the FTSE 100 after posting a 62% fall in annual profits.

Roy Kaitcer, Investment Manager at investment management and stockbroking firm Redmayne Bentley, said: “Pre-tax profit has fallen to £66.8m from £176m last year. Its share price was up during this morning’s trading but this was more of a relief rally than an endorsement of the results.

“It’s too soon to comment on whether there has been progress in its five-year transformation programme, which includes store closures and online investment. Competition from online retailers such as ASOS has hurt the company and it might well fall from the FTSE 100 in the June quarterly review.”

Ends

Please note, past performance and forecasts are not reliable indicators of future results or performance. This comment does not constitute a recommendation to buy or sell shares in Marks and Spencer.
 
Marks and Spencer struggles in age of online retail
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