Britain's M&S profit down 7.8% as costs weigh

British clothing and food retailer Marks & Spencer on Wednesday reported a 7.8% decline in annual profit, as strong sales growth was offset by inflationary pressure on its costs.

For the year to April 2, M&S made a profit before tax and adjusting items of 482 million pounds ($608 million) - ahead of analysts' average forecast of 436 million pounds but down from the 523 million pounds made in 2021/22. For the 2023-24 year it forecast "modest" growth in revenue. ($1 = 0.7923 pounds)