Marks & Spencer’s profits down for third year

Marks & Spencer’s boss Marc Bolland clocked up an unwelcome hat-trick today as the retailer reported a third consecutive year of falling profits under his stewardship.

Underlying profits before tax were down 3.9% to £623 million in the year to March 29 with general merchandise (GM) – which includes clothing – seeing like-for-like sales fall by 1.4% though food improved by 1.7%.