Full-year pre-tax profits were £739.8 million for the 52 weeks to April 3, up from a previous year total of £715.7m. The results showed how M&S’ sales have struggled, with like-for-like sales across its UK business falling 0.4 per cent.

Outgoing chairman Luc Vandevelde said: “We have delivered financial performance which I would describe as solid. Clearly we are not satisfied with our sales progress.

Chief executive Roger Holmes admitted the company still had a lot to do. He said: The initial surge in the recovery of our food and clothing business faltered.” Holmes added that the firm was seeking to tackle its poor performance by taking action covering its products, supply chain, stores and ways of working.

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