M&S staff lose out on bonuses as profits fall
Bosses and staff at Marks and Spencer will receive no bonus this year after profits fell for a third year in a row, piling pressure on chief executive Marc Bolland.
He will miss out for the first time since taking over in 2010, having received a cash and shares bonus worth £829,000 last year to take his full package to £2.1m.
A discretionary bonus package for thousands of workers across the company will also not be paid.
It comes after underlying pre-tax profits for the year to the end of March fell 3.9% to £623m, their lowest level since 2009.
Promotions and markdowns as M&S battled for sales over Christmas ate away at margins during a year when the general merchandise division – including clothing – saw like-for-like sales fall 1.4%, though food improved 1.7%.
Mr Bolland has been under pressure as the retailer's performance stuttered despite turnaround efforts including a £2.3bn investment drive over the last three years, the hiring of new fashion executives and a celebrity-driven marketing push.
The group employs 82,000 people around the world.