London - AFP
British clothing-to-food retailer Marks & Spencer on Tuesday announced a drop in annual profits in a \"challenging economic environment,\" forcing it to slash the group\'s revenue growth target.
Net profit slid 19 percent to £513 million (635 million euros, $813 million) in the 12 months to the end of March and compared with 2010/11, M&S said in an earnings statement.
Group revenue climbed 2.0 percent to £9.93 billion for the company that runs hundreds of stores in Britain and worldwide.
\"Marks & Spencer performed well in a challenging economic environment, growing group sales by two percent and holding market share,\" said chief executive Marc Bolland.
M&S slashed its revenue growth target to between £1.1 billion and £1.7 billion over three years to 2013, down sharply from a forecast of between £1.5 billion and £2.5 billion.
\"Our strategy to transform M&S into a leading international, multi-channel retailer remains unchanged and has been validated by strong sales growth in these areas over the last year,\" M&S added in its statement.
\"We are making good progress but successful execution of our strategy requires us to adapt to both market opportunities and current market conditions.\"