M&S to axe 100 stores and slow food expansion


Profit before tax and adjusting items was down 5.4 per cent to £580.9 million from £613.8 million the year before. When Archie Norman was brought in as chairman in September, he said bluntly that "M&S has been drifting and under-fulfilling its promise not for five, 10 but for 15 years".

Marks and Spencer Group plc operates various retail stores.

M&S announced on Tuesday that it was accelerating its reorganisation with the closure of 100 United Kingdom stores by 2022. "Accelerated change is the only option", it said.

M&S is expected to report a second straight fall in annual profit on Wednesday, and with the retailer's shares down almost a quarter over the past year it is in danger of soon being booted out of the FTSE 100 index.

Andy Warhol's Interview Magazine Ceases Trading After 50 Years
Baron resigned from Interview in April after almost 10 years at the glossy publication . Peter Brant owns the magazine, while his daughter Kelly is the president.

The company says the closures are vital to secure its future.

The radical change in how consumers buy their clothes today is why M&S is hanging by its fingernails onto the top spot as the UK's largest clothing retailer, where it now commands just over 8% of the market, and others have to make themselves distinctive in either inventory, price, or both, to stay ahead. Admitting the business had become top-heavy and too "corporate", M&S has recently separated its Food and Clothing & Home teams.

"There are a number of structural issues to address and we are taking steps towards fixing these", added Rowe.

M&S said its store closure programme would reduce costs by at least £250mln and provide a "platform for growth in later phases of our plan".

Trump Is Now Fundraising Off Conspiracy Theory That FBI "Infiltrated" His Campaign
Matt Zapotosky , national security reporter for the Washington Post , where he covers the Justice Department. The claim that the president is immune from the criminal process also winds up being potentially bad for Mr.

The food, clothing and homewares retailer maintained its full-year dividend at 18.7p. "These changes come with short term costs which are reflected in today's results", said Steve Rowe, Marks & Spencer CEO in a statement.

The company is looking to improve its website, as well as investing to increase and improve e-commerce capacity, to support its ambition of doubling the online share of its Clothing & Home sales to over 33%.

The retailer said it has lost its share of younger family-age customers and larger households, and was looking to recover this with more stylish non-food lines and food products offering innovation, better value for money, and focused on more popular family foods.

Philippa's Royal Flowers Distributed to London Hospices and Women's Refuges
Other flowers chosen for the ceremony included another of Diana's favorites - white roses. PHOTOS: Prince Harry marries Meghan MarkleClayton, now a respite care patient at St.