Retailer Marks & Spencer said improving profit margins and steady market share showed its struggling clothing business was on the mend, despite a 10% drop in annual earnings and sliding sales in the latest quarter.

British retail giant Marks & Spencer has seen annual profits tumble by nearly two thirds and revealed sales across its under-pressure clothing arm have plunged back into reverse.

Marks and Spencer has poached the head of UK car-parts seller Halfords to lead the turnaround of its struggling clothing business, handing one of the industry’s toughest tasks to a fashion novice.

High street giant Next is poised to report a fall in full-year profits this week, as the market looks for any signs of price hikes to mitigate the effects of the plunging pound.

British retail giant Marks and Spencer has stressed its commitment to Ireland by saying its operations here will not be affected by its strategic review which will result in around 80 store closures in its UK and international divisions.

British retailer Marks and Spencer plans to cut a net 525 jobs from its London head office, it confirmed yesterday, as new CEO Steve Rowe seeks to simplify the business and reduce costs.

Marks & Spencer suffered its biggest fall in quarterly clothing sales since 2005 as a decision by new boss Steve Rowe to cut prices and offer fewer promotions took its toll on the British retailer.

A warning from Marks & Spencer’s new boss of a short-term profit hit from efforts to turn around its clothing business by cutting prices and improving ranges knocked its shares yesterday. 

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Steve Rowe, the new head of British retailer Marks and Spencer yesterday conceded he had his work cut out to end five years of almost constant falls in clothing sales after the firm suffered another quarterly decline.

Marks & Spencer chief executive Marc Bolland will step down after failing to revive clothing sales in almost six years at the British retailing bellwether.