Shares in Marks and Spencer Group PLC (LSE:MKS) dropped sharply after it warned of cost pressures and unveiled plans to cut more stores.
In a presentation to institutional investors, it said it would cut the number of large clothing and homewares stores by 67 by 2028 to take the total to 180.
And in a plan to concentrate on food, it will open 104 Simply Food stores to take the number to 420.
On costs, it said it had seen wage inflation of around 7% and it expected more to come in 2023.
Energy costs were £40mln higher than planned and without support, it faced possible headwinds of more than £100mln next year.
It said food cost of goods was already under pressure, while dollar pressure on clothing was yet to come.
The shares fell 5% to 93.12p having hit 92p earlier in the session.