Marks & Spencer results spark sell-off

FTSE 100 supermarket Marks & Spencer (LON:MKS) has seen its share price slump 6.87% to 252.56p (as of 12:55 BST) after its profits before tax and adjustments for the year ended 30th March fell by 9.9%. Revenues for the period were down by 3%, despite the UK food business arresting its decline.

CEO Steve Rowe commented: “We are deep into the first phase of our transformation programme and continue to make good progress restoring the basics and fixing many of the legacy issues we face. As I have said, at this stage we are judging ourselves as much by the pace of change as by the trading outcomes and change will accelerate in the year ahead.

“Whilst there are green shoots, we have not been consistent in our delivery in a number of areas of the business. M&S is changing faster than at any time in my career – substantial changes across the business to our processes, ranges and operations and this has constrained this year’s performance, particularly in Clothing & Home. However, we remain on track with our transformation and are now well on the road to making M&S special again“.