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M&S to sell 400 brands at stores | M&S to sell 400 brands at stores |
(about 5 hours later) | |
Marks and Spencer has confirmed it will start selling branded goods at its stores across the UK. | Marks and Spencer has confirmed it will start selling branded goods at its stores across the UK. |
It will mean 400 household brands, such as Kellogg's and Coca-Cola, will be sold alongside M&S' own products in a wide range of lines. | It will mean 400 household brands, such as Kellogg's and Coca-Cola, will be sold alongside M&S' own products in a wide range of lines. |
The decision comes after successful trials in stores in the north-east and south-east of England. | The decision comes after successful trials in stores in the north-east and south-east of England. |
The announcement came as M&S reported profits of £306.7m for the six months to September. | The announcement came as M&S reported profits of £306.7m for the six months to September. |
The figure was little-changed on the profit of £307.8m made in the same period last year. | The figure was little-changed on the profit of £307.8m made in the same period last year. |
'Cautious' outlook | 'Cautious' outlook |
M&S said the move to stock branded goods would enable it to "meet more of our customers' regular shopping needs". | M&S said the move to stock branded goods would enable it to "meet more of our customers' regular shopping needs". |
Chief executive Sir Stuart Rose told the BBC the company was rolling out key brands, such as Tabasco sauce and Bovril, to satisfy customers | |
"Customers are saying to us that I like my favourite brand... and you, Marks and Spencer, don't sell it so I have to go somewhere else to buy it," Sir Stuart said. | |
He said M&S would not reduce its own range of foods. | He said M&S would not reduce its own range of foods. |
M&S said it would focus mostly on "low market share" areas such as laundry, personal care, beer and pet food. | M&S said it would focus mostly on "low market share" areas such as laundry, personal care, beer and pet food. |
Overall, the firm's food sales were up 1.8% - though they fell by 0.3% on a like-for-like basis in the half-year. | Overall, the firm's food sales were up 1.8% - though they fell by 0.3% on a like-for-like basis in the half-year. |
M&S said it was "cautious" about prospects for the key Christmas sales period this year. | M&S said it was "cautious" about prospects for the key Christmas sales period this year. |
Sir Stuart said that the market remained "competitive" and added that the retailer was also cautious about the year ahead. | |
Total sales rose 2.8% to £4.3bn, largely driven by growth outside the UK. But the company saw its UK same-store sales decline by 0.9%. | Total sales rose 2.8% to £4.3bn, largely driven by growth outside the UK. But the company saw its UK same-store sales decline by 0.9%. |