M&S annual profits fall

Underlying pre-tax profits for 2012/13 were £665.2m, a fall of six per cent on a year earlier and well below City forecasts for £710m at the beginning of the financial year.

It is also a far-cry from the retailer’s heyday in 2008 when it made more than £1bn.

The results mean chief executive Marc Bolland remains under pressure to turn around the high street stalwart, particularly in the wake of an executive reshuffle and the launch of a new clothing range last week.

Like-for-like UK sales fell by one per cent with general merchandise down 4.1 per cent though food did better, improving by 1.7 per cent. Overall group sales were up 1.3 per cent, buoyed by international takings.