M&S posts slide in profits

City A.M. Reporter
Retailer Marks & Spencer posted falling profit in the six months to September, hurt by low consumer confidence.

Pre-tax profit came in at £290m for the group, down from £307m over the same period last year.

Britain’s biggest clothing retailer said this morning that recent trading had been “volatile”, making it cautious about the outlook for the rest of the year, although it insisted it was “well set up” for the Christmas trading period.

Revenue in Marks & Spencer’s British stores was flat over the second quarter, while sales of general merchandise fell 1.8 per cent.

Overall, total group sales were up 0.9 per cent at £4.7bn over the half year.