Marks & Spencer is set to shut another 110 stores after seeing its annual profits drop 10 per cent.

The high street chain said it is closing another 85 full-line stores and around 25 Simply Food outlets on top of the 35 full-line branches closed in 2018-19 under a previously-announced restructure.

But it said the overall size of the chain will remain in line with plans as it also opens and relocates shops, having launched another 48 full-service stores in the past financial year.

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.

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," he added.

The store closure details came as it posted underlying pre-tax profits of £523.2 million for the year to March 30, down 9.9 per cent from £580.9 million the previous year.

Shares fell 5 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.

Mr Rowe said: "Whilst there are green shoots, we have not been consistent in our delivery in a number of areas of the business.

"M&S is changing faster than at any time in my career - substantial changes across the business to our processes, ranges and operations - and this has constrained this year's performance, particularly in clothing and home.

"However, we remain on track with our transformation and are now well on the road to making M&S special again."

No details on which of the 110 stores will close has been revealed.