By John Glenday

Marks and Spencer is feeling the pinch with a slump in profits after embarking on an ambitious expansion of its grocery arm, opening 68 new food stores in the past year alone, as it seeks to diversify away from its struggling core clothing business.

This has led directly to a 60 per cent decline in pre-tax profits in the year to the end of March, with a pre-tax profit coming in at $176.4m with a 4.2% rise in food revenue failing to offset a steeper than expected 5.9% decline at its clothing and homeware division.

John Ibbotson, director of the Read full story ›

Source: The Drum