UK: M&S reports second year of profit decline on fashion-line woes

Marks & Spencer Group Plc (MKS), the U.K.’s largest clothing retailer, said annual profit fell 5.8 percent as consumers spent less on its fashion goods, even as food sales increased.  

So called underlying profit before tax fell to 665.2 million pounds ($1.01 billion) in the year ended March 30, the London-based retailer said today in a statement. That compares with the average estimate of 663.3 million pounds from 16 analysts surveyed by Bloomberg. The retailer unveiled its new autumn-winter fashion range... 

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