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Marks and Spencer profits fall for third year

Marks and Spencer has reported a 3.9% fall in underlying annual profit to £623m, the third consecutive year its profits have fallen.

The retailer also said that group sales rose by 2.7% to £10.3bn in the year to 29 March.

Like-for-like UK food sales, which strip out the effect of new stores, rose 1.7%, while general merchandise - which includes clothing - fell 1.4%.

Chief executive Marc Bolland said M&S had made "solid progress".

Emma Simpson reports.

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