Marks And Spencer Group Plc (MKS.L) posted full-year pre-tax profit of 658 million pounds, down from 780.6 million pounds last year.
Earnings per share dropped to 32.2 pence from 38.4 pence in the prior year.
Underlying pre-tax profit was 705.9 million pounds, lower than 714.3 million pounds a year ago.
Revenue was up to 9.93 billion pounds from 9.74 billion pounds in the previous year. Group sales were up 2.0%, driven by strong performances in the company's Food and International businesses.
The Board is recommending a final dividend of 10.8 pence per share. This will result in a total dividend of 17 pence, in line with last year.
In November 2010 the company had set out a target to grow its revenues by 1.5 billion pounds to 2.5 billion pounds over the next three years. As a result of the deterioration in the economic environment since it set out its plan, Marks And Spencer now expects to achieve 1.1 billion pounds to 1.7 billion pounds increase in revenues. While conditions in the UK are predicted to be more difficult than originally forecast, the company is on track to deliver both international and multi-channel targets.
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by RTT Staff Writer
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