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: May 2023 US Retail Traffic and In-Store Metrics: Recovery of Store-Based Sales Progresses as Year-Over-Year Declines SoftenWeekly US and UK Store Openings and Closures Tracker 2023, Week 39: UK Closures Up 39%Innovator Profile: Pi-xcels Eliminates Paper Receipts While Engaging Brick-and-Mortar ShoppersWeinswig’s Weekly: Here’s How US Consumers Will Spend Labor Day
