Like-for-like sales in the UK decreased by 5.9% and profit (before tax, property disposals and exceptional items) was down 40%.
M&S has also announced that it is launching a programme called ‘2020 - Doing the Right Thing', which will be headed up by finance director Ian Dyson. The programme is the outcome of long-term growth plans, which Sir Stuart Rose, chairman at M&S said highlighted the need to deliver a change in the way the retailer handles customers' needs and operated the business.
Carl Leaver, the director who heads up international strategy, is leaving M&S by mutual agreement over the next two to three months.
Marketing spend in the past year decreased by 8.6% to £127.4m and will again be lower for the financial year 2009/10. M&S said that it will be more effective in targeting consumers and use of marketing spend.
Although overall sales in the UK decreased, online sales increased by 34%, with the online clothing market share increasing to 5.3%, according to Fashiontrak, and traffic to the website rose by 36% over the year.
Rose said: ‘During the year we acted decisively to meet the challenges of the economic downturn, responding quickly to the changing needs of our customers, managing costs tightly and protecting our balance sheet.'
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