The firm, which has 280 branches, reported core earnings of £8.7 million for the year to February, down from £10.8m 12 months previously.
Its debt fell from £19.2m to £8.7m, and online sales grew by 2 per cent, despite a drop of 4 per cent across all channels, while store like-for-like sales were down. The year saw three stores open and 11 "non-profitable" shops shut their doors, while the firm continued to make progress with its e-commerce arm.
Chief executive Andy McGeoch said: "In the face of unprecedented trading challenges, the business has delivered a solid performance over the last financial year. Our low net debt, committed bank facilities, and strong balance sheet have enabled us to deliver continued investment and improvements in all areas of our operation.
“Like most retailers, we are feeling the impact of the widely reported economic and political uncertainty in the UK, and while this puts pressure on margins, we are confident that we have a robust blueprint for long-term future growth to navigate these complexities.
“A key priority for M&Co has been expanding our product range and over the last 12 months we have successfully launched two new brands - Khost Clothing and Sonder Studio - which have not only increased choice for existing customers, but allowed access to new market segments.”
The Inchinnan-based firm previously traded as Mackays and has almost 3,000 staff in the UK.