Marks & Spencer has unveiled another year of falling profits as the high street giant counts the cost of its transformation programme. The retailer reported a 62.1% fall in pre-tax profit to £66.8 million in the year to March 31 as it was dragged down by £321.1 million in costs linked to a store closure programme. Judi Bevan, retail analyst and author of 'The Rise and Fall of Marks & Spencer' has said the closures are a ''relief'' because ''they're finally grasping the nettle''.
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