LONDON (dpa-AFX) - Retailer Marks & Spencer Group Plc (MAKSY.PK, MAKSF.PK, MKS.L) reported Wednesday that its 52-week fiscal 2017 profit before tax plunged to 176.4 million pounds from 488.8 million pounds recorded in the 53-week last year.
Basic earnings per share were 7.2 pence, down from 24.9 pence last year. On a 52-week basis, pre-tax profit fell 63.5 percent and earnings per share fell 70.7 percent.
Adjusted profit before tax was 613.8 million pounds, compared to 689.6 million pounds last year. Adjusted basic earnings per share were 30.4 pence, compared to 35.0 pence a year ago.
The company said the weak results reflected the expected decrease in Clothing & Home sales and increased costs of new space.
Group revenue was 10.62 billion pounds, higher than 10.56 billion pounds last year. Revenues increased 2.2 percent on a 52-week basis and 0.6 percent on a 53-week basis.
Fourth-quarter group revenue declined by 0.6% at constant currency.
Further, the company said its maintaining a total dividend per share at 18.7 pence, taking into account the strong cash generation of the business.
Looking ahead, for fiscal 2018, the company anticipates gross margin to be +25 to -25 basis points in Clothing & Home. In Food, the company expects input cost inflation will slightly outweigh operational efficiencies with a resulting decrease in gross margin of between 0 and -50 basis points.
Copyright RTT News/dpa-AFX