Marks & Spencer (M&S), one of the best known names in United Kingdom retail, first said it would reduce the amount of store space devoted to clothing and homewares in 2016, shortly after company lifer Steve Rowe became chief executive.
The chain revealed on Tuesday that it was putting thousands of jobs at risk through plans to extend its programme of store closures to 100 sites by 2022.
These adjusted results are said to be consistent with how M&S's business performance is measured internally as it undergoes its transformation plan and results for FY18 include 321.1 million pounds stemming from its United Kingdom store estate closure programme.
The latest wave of closures will affect M&S clothing and home stores, which have underperformed for years.
But M&S's underlying profit was better than the £573mln market forecast, sending its shares 5.7% higher to 308.5p in afternoon trading.
Mexico slams Trump for calling migrants 'animals'
Trump has been under fire for comments he made Wednesday while railing against California for its sanctuary immigration policies. During the campaign, he infamously called for a ban on Muslims entering the US. " Mexico does nothing for us", Mr.
Britain's Marks & Spencer on Wednesday reported a 5.4 percent fall in full-year profit, a second straight decline, hurt by a weakening in the food profit margin. Comparable food sales were down 0.3 per cent. Revenue nudged up 0.7 per cent to £10.7 billion. In addition, the group is set to close 25 percent of its Clothing & Home space to as sales shift online and investing to increase and improve its commerce capacity to support its aim to double its online sales to more than 33 percent.
"We have been clear about our plans to accelerate our store closure program and the action we must take to build a business with sustainable, profitable growth", an M&S spokesperson said. "These changes come with short term costs which are reflected in today's results", said Steve Rowe, Marks & Spencer CEO in a statement.
"There are a number of structural issues to address and we are taking steps towards fixing these", Mr Rowe added.
"M&S is simply struggling to make progress in a world where a compelling mobile app is every bit as important as a presence on the high street, and considerably less expensive".
Then in November previous year, three months after retail veteran Archie Norman joined as chairman, the firm said it would speed-up the programme.
After their April 27 meeting, Kim and Moon issued a vague vow for the "complete" denuclearization of the Korean Peninsula. Seoul's Ministry of Unification said Tuesday that Pyongyang had invited eight South Korean reporters to the event.
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Israeli troops ended up killing some 60 people and wounding thousands during the protests along the Israel-Gaza border. Israel captured east Jerusalem in the 1967 Mideast war and later annexed it in a move not recognized internationally.
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We also made a decision to allow the European Investment Bank to facilitate European companies' investment in Iran. The President of the European Commission, Jean-Claude Juncker said: "In Sofia, we saw a show of European unity".
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Once the reflex action had been established in the trained snails, they were euthanised and their abdominal ganglia removed. If transferring memories from a snail to another sounds weird, that's because it's the first experiment of its kind.
Call of Duty: Black Ops 4 Will Be A Battlenet Exclusive
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Ashwin Run Out for a duck! The hitter from West Indies has been hitting the ball hard and far amassing fast runs in the process. Tye threw his wicket once again to a short ball as he edged it back to the wicketkeeper and there was no looking back for RCB .