Marks & Spencer has reported a 10% drop in annual profits as well as a fall in sales as it continues plans to turnaround the business.
The retailer reported a £523.2 million profit for the year to 31 March, while like-for-like sales, which discount new stores, fell 2.9% across both its food and clothing departments. The timing of Easter contributed to a 2.3% drop in like-for-like food sales.
Overall sales were down 3.6% as a result of store closures, the company said.
Following a sustained period of struggling, particularly in its clothing business, Marks & Spencer is in the middle of a major turnaround project.
Chief executive Steve Rowe said: "We are deep into the first phase of our transformation programme and continue to make good progress restoring the basics and fixing many of the legacy issues we face.
"As I have said, at this stage, we are judging ourselves as much by the pace of change as by the trading outcomes and change will accelerate in the year ahead."
Mr Rowe admitted that M&S had "not been consistent in our delivery" across a number of areas, but stressed the has been "green shoots".
"M&S is changing faster than at any time in my career - substantial changes across the business to our processes, ranges and operations - and this has constrained this year's performance, particularly in clothing and home.
"However, we remain on track with our transformation and are now well on the road to making M&S special again."
