Company Earnings Update 4 minutesRegister for Free AccessMarks & Spencer (LSE: MKS) FY18 Results: Exceptional Costs Hit Profits; Only on “Mile Three or Four of a Marathon” Coresight Research May 24, 2018 Executive Summary Marks & Spencer (M&S) reported a 38% fall in operating profit and a 62% slump in pretax profit in FY18. The declines were largely due to costs related to store closures. Food segment comps were down 0.3% for FY18 and Clothing and Home comps were down 1.9%, with both segments seeing declines deepen in the final quarter. CEO Steve Rowe likened the plan to turn around M&S to a marathon in which the company is currently “only about three or four miles in.” Please Login to read the full report. Not a member? Register for a free user account. This document was generated for Other research you may be interested in: Generative AI Latest: Funding, New Technology Features and Copyright InfringementMay 2023 China Retail Sales: Growth Eases, Breaking Upward MomentumIn-Store Shopping Thrives Over Holiday Peak: US Consumer Survey InsightsEarnings Insights 4Q23, Week 2: Alibaba, Amazon and CVS See Strong Sales Growth; Under Armour Witnesses Weak Demand