Pre-tax profits have fallen by more than two thirds to £66.8 million for high street giant Marks and Spencer.

The irony that one of the key reasons given by the British retail colossus for the fall was the cost of its plans to close 100 shops by 2022 to save money was not lost on some commentators.

Apparently, the expense so far of the closures and "vital" revamp of its business has been a hefty £321 million.

Figures for the period to the end of March this year show pre-tax profits fell from £176.4 million to £66.8 million with the company shouldering exceptional costs of £514 million - a large chunk of which was the closure costs.

Yesterday the retailer revealed the next 14 stores due to for closure under its programme.

Profits after tax fell 74.8 per cent from £115.7 million to £29.1 million year-on-year.

Group revenue, however, rose 0.7 per cent rise year-on-year from £10.62 billion to £10.69 billion and total sales in its food division were up 3.9 per cent.

Like-for-like clothing sales fell 1.9 per cent year-on-year and total sales were down 1.4 per cent.

Read more: M&S reveals hit list of 100 stores to close