"At our half-year results in November I outlined the need for accelerated change at M&S".
The figure of more than 100 closures includes 21 that have already shut and 14 stores newly identified for closure.
The food, clothing and homewares retailer maintained its full-year dividend at 18.7 pence.
"These changes come with short-term costs which are reflected in today's results".
M&S, one of the best known names in British retail, made a pretax profit before one off items of 580.9 million pounds ($778.6 million) in the year to March 31.
Sacha Berendji-the retail, operations and property director at M&S said that that they are making nice advancement with their plans of restructuring their store chains for making them more relevant to the customers and to assist the online growth plans.
Pre-tax profit meanwhile dived more than 62 per cent to 67 million pound, while total sales firmed 0.7 per cent to 10.7 billion pound.
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Some closures are occurring to coincide with the opening of nearby M&S food stores, the retailer noted.
In the final quarter of 2017, like-for-like (LFL) food sales in the United Kingdom declined 0.4% year-on-year, joining the Clothing & Home division in the ex-growth doghouse; the latter saw LFL sales decline 2.8% from a year earlier.
"We have to modernise our business to ensure we are competitive and reignite our culture".
On Wednesday, M&S is expected to report further under performance in its food arm, with analysts projecting a drop in sales, but an improved bottom line.
The company announced that it will be shutting 100 stores by 2022 as part of a "transformation programme" as it continues to struggle. In addition, the group is set to close 25 percent of its Clothing & Home space to as sales shift online and investing to increase and improve its commerce capacity to support its aim to double its online sales to more than 33 percent.
"There are a number of structural issues to address and we are taking steps towards fixing these", Mr Rowe added. In both businesses we need to revitalise our ranges and reassert our reputation for value for money. Closing stores isn't easy but it is vital for the future of M&S.