Marks & Spencer suffers ninth slide in sales
Like-for-like general merchandise sales drop 1.3 per cent between July and September on a year earlier
High street retailer Marks & Spencer has reported its ninth consecutive quarter of sliding clothing and homeware sales, as profits dropped almost 9 per cent in the six months up until September.
The retailer said like-for-like general merchandise sales dropped 1.3 per cent between July and September on a year earlier, slightly above City predictions and better than a 1.6 per cent first-quarter decline.
M&S said despite consumer confidence seemingly improving, they still appear reluctant to spend, leading to the high street giant to add their outlook for the rest of the year remains cautious.
Underlying pre-tax profits dropped 8.9 per cent to £261.6 million during the six months to the end of September, weighed down by the cost of the star-studded launch of its autumn/winter clothing range.
Chief executive Marc Bolland said its revamp of womenswear was its key priority during the period, and is showing "early signs of improvement". It’s ‘Leading Ladies’ campaign featured dozens of famous women, including Dame Helen Mirren, Tracy Emin and Katie Piper, the cost of which may have weighed down pre-tax profits.
Its food business however bolstered figures, as like-for-like sales rose 3.2 per cent in its second quarter.
Additional reporting by agencies
- 1 Disney heiress Abigail disowns her share of family profits in West Bank company
- 2 The secret report that helps Israel hide facts
- 3 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 4 Israel's propaganda machine is finally starting to misfire
- 5 HSBC closes bank accounts belonging to Muslim clients in the UK
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
HSBC closes bank accounts belonging to Muslim clients in the UK
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£450 - £650 per day + competitive: Orgtel: My client, a leading bank, is curre...
£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...
£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...
£400 per day + competitive: Orgtel: Liquidity Reporting - Basel III - LCR - Ba...