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M&S's annual profit slumps as COVID crushes clothing sales

LONDON, May 26 (Reuters) - British retailer Marks & Spencer on Wednesday reported a slump in full-year profit, reflecting a huge drop in clothing sales due to the COVID-19 pandemic.

M&S, which also sells upmarket food, made a pretax profit before one-off items of 50.3 million pounds ($71.2 million) in the year to April 3 versus analysts’ average forecast of 43 million pounds and down from the 403.1 million pounds made in 2019-20. ($1 = 0.7065 pounds) (Reporting by James Davey; Editing by Kate Holton)

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