M&S posts slump in annual net profit

Marks and Spencer posted a 71-percent slump in annual net profits on Wednesday, hit by vast restructuring costs and sliding clothing sales, the British retail giant said Wednesday.

Net profits dived to £117.1 million ($152 million, 135 million euros) in the group's financial year to April 1, M&S said in a statement. That compared with profit after taxation of £406.9 million a year earlier.

Underlying pre-tax profits sank 10.3 percent to £613.8 million.

Total sales grew two percent to £10.622 billion, but faltered in its clothing and home furnishings division.