Partner Article

Profits slide at Marks and Spencer

Underlying pre-tax profits have fallen 3.9% to £623 million at UK retailer Marks and Spencer, as like-for-like general merchandise sales were down 1.9%

The high street chain said Group sales were up 2.7% driven by good performances in the brand’s Food, International and Multi-channel businesses.

UK operating costs rose 3.5% on last year as the retailer invested in infrastructure and staffing across its stores.

Marc Bolland, chief executive, said: “Three years ago, we recognised the scale of investment required to transform our business, investing to strengthen our foundations and improve our customer offer. We are making solid progress on this journey and are now focused on delivery.”

Robert Swannell, Chairman, added: “The investment made in executing our strategy over the last three years puts M&S in a stronger position to compete in a retail world undergoing profound change.

“Our priorities now are to deliver on the investment we have made and to make M&S a more profitable, stronger and well-equipped business.

This was posted in Bdaily's Members' News section by Tom Keighley .