By Daniel Hunter

A tough retail environment was one of the main reasons cited by Marks and Spencer for a fall in their annual profits.

The retailer reported pre-tax profits for the year to the end of March of £658m, down 16% from the previous year's £781m.

However, it was not all bad news as like-for-like sales in the UK, which measure sales in stores open for more than a year, were up 0.3% on last year.

"The UK trading environment has changed quite a bit in 18 months," Marks and Spencer's chief executive, Marc Bolland.

"It is not as great as it used to be when we expected higher GDP [gross domestic product] growth."

Due to the latest results, the firm have cut back their sales targets for the coming three years.

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