Retailer announces fall in profits

M&SMarks & Spencer's annual profits have fallen to their lowest level in four years after clothing sales slumped.

Underlying pre-tax profits for 2012/13 were £665.2 million, a fall of 6% on a year earlier and well below City forecasts for £710 million at the beginning of the financial year%VIRTUAL-SkimlinksPromo%
It is also a far-cry from the retailer's heyday in 2008 when it made more than £1 billion.

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 1% with general merchandise down 4.1% though food did better, improving by 1.7%. Overall group sales were up 1.3%, buoyed by international takings.
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