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06/11/2012
9.7% Fall In Profit For M&S
Marks and Spencer has reported a 9.7% fall in profits.
The UK's biggest clothing retailer posted pre-tax profits of £290m for the six months to the end of September, down 9.7% from the same period last year.
Other figures reported by the retailer include a 0.9% rise in group sales, up to £4.7bn. Much of the growth is attributed to coming from the food side of the business.
Clothing and homeware like-for-like sales, were down 4.3%, M&S said.
Chief executive Marc Bolland said the company's performance was better in the second quarter than the first, when it made the mistake of not stocking enough of its most popular items, holding back sales.
"We took steps to address the short term merchandising issues in General Merchandise [clothing and homeware] and as a result, we delivered an improved performance," Mr Bolland said.
Indications of a turnaround helped the retailer's shares rise 2% in early trading to 395 pence.
(H)
The UK's biggest clothing retailer posted pre-tax profits of £290m for the six months to the end of September, down 9.7% from the same period last year.
Other figures reported by the retailer include a 0.9% rise in group sales, up to £4.7bn. Much of the growth is attributed to coming from the food side of the business.
Clothing and homeware like-for-like sales, were down 4.3%, M&S said.
Chief executive Marc Bolland said the company's performance was better in the second quarter than the first, when it made the mistake of not stocking enough of its most popular items, holding back sales.
"We took steps to address the short term merchandising issues in General Merchandise [clothing and homeware] and as a result, we delivered an improved performance," Mr Bolland said.
Indications of a turnaround helped the retailer's shares rise 2% in early trading to 395 pence.
(H)
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