London: Food and clothing retailer Marks & Spencer on Tuesday said it was cutting dividend payments by a third as full-year profit fell 38 percent below last year’s results.
For the year ending 28 March, Marks & Spencer reported a net profit of £508 million ($782 million), down from £821.7 million in the previous year. Revenue rose less than half a percent to £9.06 billion.
Comparable sales which exclude new store space were down 6.9% for general merchandise and 5% for food.
The board decided to cut the annual dividend from 22.5 pence per share to 15 pence per share.