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| M&S cuts dividend as profits fall | M&S cuts dividend as profits fall |
| (10 minutes later) | |
| UK retailer Marks and Spencer has cut its dividend by a third after reporting a fall in annual profits. | |
| M&S cut its dividend to 15p a share for the year to 28 March, down from 22p in the previous year. The cut was more than most analysts had predicted. | |
| Annual pre-tax profits fell to £706m ($1.1bn) from £1.1bn the year before. Total sales rose 0.4% to £9.1bn. | |
| In January, M&S announced 1,200 job cuts and plans to close 27 stores in a move to restructure its business. | In January, M&S announced 1,200 job cuts and plans to close 27 stores in a move to restructure its business. |
| "Whilst our profit was down on the previous year, we took decisive action to respond to the changing needs of our customers and to mitigate the impact of the economic downturn," the company said. | |
| M&S chairman Sir Stuart Rose said trading for the first seven weeks of the fiscal year had been "broadly in line" with the final three months of last year. | |
| The chain said in March that like-for-like sales in the UK, which strip out the impact of store openings and closures, were down 4.2% for the 13 weeks to 28 March. | |
| "We remain cautious about the outlook for the remainder of the year," Sir Stuart said. | |
| Total sales fell 1.7% in the UK, but rose 26% in its stores internationally, including China and eastern Europe. | |
| Like-for-like UK sales fell 5.9% over the year, with general merchandise - which includes clothes - down 6.9% and food sales 5% lower. |