Yesterday, UK high street retailer Marks & Spencer reported falling profits for the third year in a row. The company has made a paltry £145m (US$466.9m) in the past year, a far cry from the halcyon days when it posted record profits of £1.2bn. The new figures for the past year reveal a £272.m decline that it largely attributed to one-off charges amounting to £335m. These include the plan to withdraw the UK mail order business and the costs involved with the closure of most of the group's continental European stores, with the loss of 4,400 jobs.