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PA
Marks and Spencer has suffered a steep drop in annual profits, after taking a big charge to cover the cost of closing stores.
The retailer's pre-tax profits fell by 62% to £66.8m from £176.4m in 2017.
Profits were hit by a one-off charge of £321m to cover the reorganisation of its stores across the UK.
The retailer announced on Tuesday that it plans to close 100 shops by 2022, accelerating a revamp that it says is "vital" for its future.
Chief executive Steve Rowe told BBC Radio 4's Today programme: "There has been a change in customer shopping habits and importantly a shift to online trading.
"I said last year we would expect to have a third of our business online in the next five years. This is about making sure we respond to customers and where they shop in the future."
He added that a rise in business rates had affected the profitability of some stores.
But on a positive note, Mr Rowe said that womenswear has gained customers for the first time in seven years.