May 24, 2017

Opening quote: M&S, Kingfisher, Dixons Carphone

Adjusted profit before tax therefore fell 10.3 per cent for the fullyear, reflecting the expected decrease in Clothing & Home sales as well as the increased costs of new store space. Which includes the full impact of restructuring costs and property impairments fell 64 per cent to £176m. In total, UK costs rose 3.8 per cent when new space, IT investment and inflation were all counted. Costs are set to grow of c.2.5 to 3.5 per cent as a result of new space, cost inflation and investment in customer service. In the last quarter, like for like sales were down 0.6 per cent reflecting continued weaker sales in France and some business disruption from the strategic plan. Like-for-like revenues were up 2 per cent in he last quarter and up 4 per cent for the full year.

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