More of the same from Marks and Spencer

Marks and Spencer’s (MKS) clothing business set the retailer back once more at the March year-end, with difficulties in transitioning its menswear range through the second half coming on top of availability problems in womenswear during the first. Clothing and home operating profits slumped 37 per cent to £224m, with the division’s operating profit margin squeezed to 7 per cent from 10.1 per cent last year. M&S’s food arm had a stronger year, posting operating profit growth of 11.2 per cent to £237m.