Marks and Spencer in first profit fall in three years

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Marks and Spencer has reported a fall in annual profits in what the retailer describes as a tough environment.

Pre-tax profits for the year to the end of March were £658m, down 16% from the previous year's £781m.

Chief Executive Marc Bolland said that although profits had dropped, food sales were up.

He said the company was revising figures in light of changes in the UK market in the last 18 months.

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