HIGH street giant Marks & Spencer has announced it will shut another 110 after revealing falling sales figures.

The retailer today posted underlying pre-tax profits of £523.2 million for the year to March 30, down from £580.9 million the previous year and representing a 10 per cent drop.

M&S said it will axe another 85 full-line stores and around 25 Simply Food outlets on top of the 35 full-line branches closed in 2018-19, although it said the overall size of the chain will remain as expected as it also opens and relocates shops.

It has not been revealed which stores will be closed.

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In an update on its shop closure programme, it said it was relocating or reducing Simply Food shops that have lower sales as it focuses efforts on the best-performing locations.

It said the food closures come as it focuses efforts on larger Simply Food shops with parking access, which will mean shutting and relocating smaller, less busy outlets.

M&S revealed in March it would be closing Bicester's high street store in favour of relocating to a new retail park at Kingsmere.

Chief executive Steve Rowe said: "Our strategy is as much about right sizing, relocating and new openings as it is about closures.

"Our overall numbers of stores will remain broadly level."

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Shares fell five per cent as the results confirmed a hefty cut to its shareholder dividend payout, down 25.7 per cent to 13.9p a share.

Mr Rowe said there were "green shoots" of a turnaround, but added that performance was not consistent and had been hit by its store closure programme and wide-ranging revamp plan.

The group warned that it remained in the 'difficult early stages' of its turnaround and progress will largely not come until the second half of 2019-20.