Profits dive at M&S as dividend cut
Profits dive at M&S as dividend cut
Tuesday 19th May 2009
Marks and Spencer has announced a sharp fall in full-year profits, cutting its dividend as a result.The retail giant cut its dividend for the year to March to 15p, a more severe drop from the current 22p than was expected by analysts.
On Tuesday M&S revealed its annual pre-tax profits were down from £1.1 billion in the previous 12 months to £706 million.
The retailer said total sales were up 0.4 per cent to £9.1 billion, but UK like-for-like sales fell 5.9 per cent.
Chairman Sir Stuart Rose, who has already announced 1,200 jobs cuts and the closure of 27 stories, said: "Trading for the first seven weeks of the year has been broadly in line with trends experienced in the fourth quarter.
"We remain cautious about the outlook for the remainder of the year."
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