Marks & Spencer feels downturn
Tuesday 4th November 2008, 9:30AM GMT.
Profit at Marks & Spencer fell by a third over the first half as sales fell sharply amid ‘volatile’ trading conditions.
The 124-year-old retailer said pre-tax profit was down 34 per cent to £297.8 million for the first six months, with UK like-for-like sales down 5.7 per cent.
General merchandise sales were down 6.2 per cent, while food sales fell 5.3 per cent over the period.
Food sales have been falling at the retailer since the credit crunch hit as consumers are cutting back on costs.
Although Marks & Spencer has hit back with a £10 ‘dine in’ deal, it is the discount supermarkets that are gaining market share.
Chairman Stuart Rose said: “Trading throughout October has been volatile with recent events in the financial markets and their impact on the wider economy further weakening consumer sentiment. We remain cautious about the outlook for the remainder of the year.”
In its statement, Marks & Spencer said it is facing the worst retail conditions since the early 90s and will focus on managing the business through the downturn.
The board has proposed an interim dividend of 8.3p, the same as last year.
Shropshire Star on Twitter
Keep updated with the latest breaking news and content on our Twitter feed.
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Shropshire Star and Express & Star's teams to help you decide where to eat.
Entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases.
OUR NEW APP
Get the new Shropshire Star app
Download the Shropshire Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
shropshirestar.com
Popular sections
Useful links
