Marks & Spencer reports sharp drop in annual profits

Clothing and food sales fall as closure plan incurs £321m billM&S to close 100-plus stores by 2022 in ‘radical’ planMarks & Spencer has reported a sharp fall in annual profits as it revealed a deterioration in clothing sales and huge store closure costs.Pretax profits at the retail giant slumped 62% to £66.8m after a £514.1m bill for restructuring costs that included £321m to pay for the first phase of its store closure plan. One in three of its core c