Marks & Spencer said in a statement this morning that its profit before tax had slumped 62.1 percent to £66.8 million in the 52 weeks ended March 31.
Profit before tax and adjusting items was down 5.4 per cent to £580.9 million from £613.8 million the year before.
The full-year results are slightly better than the City had feared but continue the longterm decline in profits that M&S has experienced from a decade ago, when it reported profits of £1 billion.
"This latest wave of closures will feel like a body blow to locations that are already under pressure" says the BBC's Emma Simpson, "but the hard truth is that M&S has more stores than it needs, given our changing shopping habits" and many experts believe that closing a large swathe of stores "is a tough but necessary step".
At the end of 2017/18 M&S had 1,035 stores in the United Kingdom, with 300 Clothing, Home and Food, 696 Food-only and 39 Outlet stores.
The update comes after the retailer announced the next tranche of United Kingdom stores proposed for closure yesterday, noting that it would now close over 100 stores in total by 2022.
GlobalData has forecast that its clothing market share will be 7.6% this year - nearly halving in two decades - despite opening more stores selling clothing, homewares and food under the one roof.
"M&S is now teetering on the edge of relegation from the FTSE 100 in the quarterly reshuffle next week", said Laith Khalaf, senior analyst at Hargreaves Lansdown.
"If anything the need for change has become more urgent". The full stores stock both fashion and food.
M&S is also improving its website and investing in its e-commerce capacity, including a site at Castle Donington, with the aim of doubling its online share of clothing and home sales to more than 33%. "Alongside relocations, conversions, downsizes and the introduction of concessions, these closures will radically reshape M&S's clothing and home space".
"This is vital as we start to leverage the strength of the M&S brand and values across a family of businesses to deliver sustainable, profitable growth in three to five years".
"We do not think the downgrade cycle may yet be over", said analysts at Liberum, maintaining their "sell" rating.