UPDATE 1-Britain's M&S to accelerate change as profit falls 21%

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LONDON, May 20 (Reuters) - British retailer Marks & Spencer
said it would accelerate its latest turnaround programme
as it dealt with the fallout from the coronavirus crisis and a
21% fall in annual profit.

When the pandemic hit, M&S, whose shares are down 66% over
the last year, was already in the midst of another attempt at
re-invention after more than a decade of failed revivals.

On Wednesday it said its "never the same again" programme
would draw on learning from the crisis and capitalise on the
opportunities to drive its transformation plan in a changed
consumer environment.

M&S said accelerated priorities include a renewed focus on
online through its partnership with Ocado, making its
food supply chain more efficient, re-engineering its clothing
and home business and speeding-up the "reshaping" of its store
estate.

Chief Executive Steve Rowe said the pandemic had transformed
customer and working habits.

"I am determined to act now to capture this and deliver a
renewed, more agile business in a world that will never be the
same again," he said.

M&S said it expected the impact of the crisis to last
through the 2020-21 year and that subsequent demand may be
depressed.

It has taken measures totalling over 1 billion pounds
($1.22 billion) to deal with the crisis, including 500 million
pounds of planned cost reductions and further actions to manage
cash. It has also secured liquidity and managed excess clothing
stock.

M&S made a pretax profit before one-off items of 403 million
pounds in its year to March 28, down from 512 million pounds in
2018-19.

The group said in March it would not pay a final dividend
for the 2019-20 year, saving 130 million pounds, and said last
month it did not anticipate paying any in 2020-21, saving 210
million pounds.
($1 = 0.8173 pounds)
(Reporting by James Davey, Editing by Paul Sandle)