Marks & Spencer profits slump, slashes dividend

By AFP

July 15, 2010 Updated May 19, 2009 at 3:01 AM CDT

Retail group Marks & Spencer, an icon of the high street, said Tuesday its annual net profit slumped nearly 40 percent and it cut its dividend by a third due to an uncertain economic outlook.

The company, seen as a key indicator of consumer confidence, said net profit in its year to March 2009 dropped 38.2 percent to 508 million pounds (460 million euros, 620 million dollars).

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