By  on May 23, 2018

LONDON — Marks & Spencer is downsizing and streamlining its business — and suffering the consequences.

The British retailer, which earlier this week announced plans to close 100 stores by 2022, saw profits plummet in the fiscal year ended March 31. They fell 74.8 percent to 29.1 million pounds due to an earlier round of store closures, a decrease in food gross margin and cost inflation. Profit before taxes and adjusting items was down 5.4 percent to 580.9 million pounds.

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