UPDATE 2-Britain's M&S targets rapid change after latest profit drop [Reuters (UK)]
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Source: Reuters
Britain's M&S targets rapid change after latest profit drop | Reuters 4 Min Read LONDON (Reuters) - Marks & Spencer ( MKS.L ) said on Wednesday it needs to modernize urgently to survive after a second straight annual profit fall and a 321 million pound charge for a store closure program. Shares in the 134-year-old British retailer were up 5.4 percent at 0720 GMT as the underlying profit figure beat analyst forecasts and it maintained its dividend, while turnover was broadly flat at 10.7 billion pounds. M&S, one of the best known names in British retail, faces unrelenting competition from supermarkets, fashion chains like Zara, H&M and Primark, as well as Amazon, while pressure on consumer spending is hampering efforts to revive its business. In November, two months after retail veteran Archie Norman joined as chairman, M&S detailed a five-year program of store closures and relocations, and moves to make its misfiring food business more competitive. M&S shares have fallen 26 percent
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