After taking account of adjusted items of £514.1m, including £321.1m of charges relating to store closures, pretax profit at M&S was £66.8m for the year ending 31 March 2018, a 62.1pc fall year-on-year. That figure dropped by 5.4pc to £580.9m, with the City predicting a steeper fall to £572.6m.
M&S earmarked 14 stores for closure on Tuesday, including in London's Bayswater and Holloway Road, with a total of 872 employees affected.
The fourth quarter's performance showed a deterioration, largely blamed on "unseasonable weather" despite an earlier Easter.
Currently, around 18 percent of M&S' clothing and home sales are made online.
M&S says it must accelerate change or fade away
Rowe's plan is the latest in a series of efforts to update the 134-year-old retailer, which has struggled to compete with the rise of cheap fast fashion chains and low-priced food retailers.
M&S has launched a series of turnaround plans since the financial crisis - with clothing and home consistently dragging.
"The first phase of our transformation plan".
Marks & Spencer (M&S), one of the best known names in United Kingdom retail, first said it would reduce the amount of store space devoted to clothing and homewares in 2016, shortly after company lifer Steve Rowe became chief executive. Actions taken under the plan include the sale and franchise of the firm's retail business in Hong Kong and Macau.
"These changes come with short term costs which are reflected in today's results", he added.
"And we're concentrating on tackling the culture of the business, making M&S a faster, lower cost and more commercial digital business".
Rowe said it was targeting sustainable, profitable growth in three to five years time.
"In the previous year traditional retailers like Marks have faced a ideal storm of rising costs, a constrained consumer, and the relentless growth of online competition", said Hargreaves Lansdownanalyst Laith Khalaf.
North Korea has threatened to pull out of the meeting after comments by US National Security Adviser John Bolton. However, it remains to be seen if Trump and Moon can keep the goodwill going before the U.S.
The OnePlus and the OnePlus 5T were an astonishing set of devices of a year ago , from the hype-mongering Chinese manufacturer. The phone packs a Snapdragon 636 chip, 4GB or 6GB of RAM , 32GB or 64GB of storage , and support for microSD cards.
We expect that the front will have retreated completely north of our region, placing the entire area in a hot, juicy air mass. The weather will remain unsettled for the week, with swings in temperatures and rain showers, News 12 meteorologists say.
The border marches are seen as Hamas' last hope of ending the blockade that has made it increasingly hard for the group to govern. Of the dead in Monday's violent demonstrations, one is reported to be a baby who died of inhaling tear gas.
If Nintendo continues its crusade to push out third-party chargers and accessories, there might not really be much of a choice. Lazzyman also correctly predicted that Nintendo would ditch the Virtual Console in favor of releasing NES games.
A great Met Gala look checks all the boxes: It reflects the year's theme, the designer's aesthetic and the celebrity's style. Please refer to the photo (above) for a grasp on how rough her red carpet appearance was.
Meghan Markle and Prince Harry attend the 2018 Commonwealth Day service at Westminster Abbey, March 12, 2018, in London . Asked what it has been like getting to know Miss Markle , Camilla said: "It's very nice, all very exciting".
In California, the majority are not caused by species that produce toxins, such as domoic acid, according to researchers. The bioluminescence is the result of a red tide offshore, according to the Scripps Institution of Oceanography .
But a link to Islamist terrorists was made after a publication of the Islamic State group's Amaq News Agency. A counterterrorism investigator said four police officers were wounded and were being treated at a hospital.
Lyon playmaker Nabil Feker is mooted as one target with Real Madrid's Lucas Vázquez named as another. The 25-year-old won Liverpool's online vote after scoring six goals across all competitions in April.
The Met Gala is an invitation-only fundraiser to benefit the New York's Metropolitan Museum of Art's Costume Institute. The dramatic Ralph Lauren design that she wore to the red carpet proved that PC can pull off just about anything.
Neymar Returns To Full Training
And the Argentine admitted seeing his former team-mate at Madrid would be a huge blow. "It would make Real Madrid stronger". I will call him in my office. "I felt good, at ease", he wrote on Facebook this week.
Lachlan Murdoch to be 'New Fox' CEO
Sources told CNNMoney last week that Comcast is in talks to make its own, higher bid for the business that Disney wants to buy. Comcast, the largest U.S. cable channel, is said to be preparing financing for a potential counterbid for the Fox operations.
Vladimir Putin opens controversial Russia-Crimea bridge
Like many key moments of Putin's presidency, it was a made-for-TV event created to showcase his resolve and authority. With 19 kilometers (11.8 miles) in length, the Crimean Bridge is the longest one in Russian Federation .
Petrol, diesel prices touch new high in two days
Since September 2013, petrol prices are at their highest level and diesel prices are also at their all-time high in Delhi . Diesel prices are now Rs66.57 in New Delhi , Rs69.11 in Kolkata , Rs70.88 in Mumbai and Rs70.25 in Chennai today.
In Afghanistan attacked the roadblocks
Reinforcements including commando units as well as the Afghan air force were battling Taliban fighters around the city, he said. The insurgents released a statement warning residents to remain inside their homes and called on people to "stay calm".
Harvick comes from behind for fifth win of season
After a trip to the infield care center, Byron confirmed he was okay but admitted it was the hardest hit he had taken as a driver. He knows that everything can spin the other way in a hurry, and that it's time for him to make the most of his chance out front.
Paris and tourism face yet another terror attack
Milan, another witness, told AFP he saw a woman who sustained wounds to her neck and leg as well as "several people in distress". A state of emergency that was put in place following the 2015 Paris attacks that killed 130 people was lifted last October.
Modi sees a 'threat' in me, says Rahul Gandhi
Since coming to power at the centre in May, 2014, BJP has reduced Congress' presence in power to just three major states. Speaking about the Karnataka polls, Athawale said that he is confident of BJP getting full majority.
Many British Columbians never recieved emergency test alert
This is just a test - the first test of wireless emergency alerts in British Columbia issued by the national Alert Ready program. The public alert system was tested in Ontario and Quebec on Monday and experienced what were described as "serious glitches".