Marks & Spencer's chief warns over profits in price-cutting turnaround plan

Marks & Spencer's new boss Steve Rowe has pledged to slash prices and put more staff in stores to turn around its beleaguered clothing arm, but warned profits will take a hit.

Mr Rowe, who took on the top job from Marc Bolland in April, unveiled his overhaul plans as the group posted a 4.3% rise in underlying pre-tax profits to £689.6m (€903.27) for the 53 weeks to April 2.