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.

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."

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.