The news dampened its share price yesterday, with analysts at
The revamp of its website was part of Bolland's £2.3bn, three-year plan to tackle years of underinvestment and turn M&
"A lot of heavy lifting needed to be done," Bolland said, insisting the company was now "fit for purpose". The group also said spending will fall from £710m to £500m-£550m per year over the next three years while operating margins are also set to improve, giving the potential for any extra cash to be returned to shareholders.
Underlying profit before tax fell 3.9 per cent to £623m in the 52 weeks to 29 March - the third consecutive year of decline - while group revenues rose 2.7 per cent to £10.3bn. The group said no one at the firm will receive a bonus after missing performance targets.
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