Saudi retailer Fawaz Alhokair pulls out of M&S franchise partnership

DUBAI (Reuters) - Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co. has pulled out of its franchise partnership with British store group Marks & Spencer and has ended similar agreements with a number of "non-performing" brands, it said on Wednesday.Alhokair posted first-quarter net profit of 224 million riyals (49.21 million pounds) down 10.1% from 249.2 million riyals a year earlier.The firm, which owns franchise rights for brands including Mango, Zara and Banana Republic in the Middle..