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| Version 1 | Version 2 |
|---|---|
| Marks and Spencer sees profits and sales fall | Marks and Spencer sees profits and sales fall |
| (about 2 hours later) | |
| Marks and Spencer has reported a fall in both profits and sales, blaming the "challenging economic environment". | Marks and Spencer has reported a fall in both profits and sales, blaming the "challenging economic environment". |
| The retailer made a pre-tax profit of £320.5m in the six months to 1 October, 8% lower than the same period last year thanks to declining non-food sales. | The retailer made a pre-tax profit of £320.5m in the six months to 1 October, 8% lower than the same period last year thanks to declining non-food sales. |
| While its like-for-like UK sales - which exclude the impact of new store openings - were up 0.5% for the half year as a whole, they declined 0.7% in the final three months. | While its like-for-like UK sales - which exclude the impact of new store openings - were up 0.5% for the half year as a whole, they declined 0.7% in the final three months. |
| Its total half-year revenues rose 2.4%. | Its total half-year revenues rose 2.4%. |
| While M&S's food sales rose during the six months, those of its clothing lines and other products declined. | While M&S's food sales rose during the six months, those of its clothing lines and other products declined. |
| 'Welcome relief' | |
| Despite the fall in half-year profits, M&S's results were in line with market expectations, and its shares rose 4.1% in early trading. | |
| M&S chief executive Marc Bolland said the company had made the decision not to pass on all of its higher costs to consumers. | |
| He said the retailer had taken "decisive action" to offer better value to customers. | |
| Mr Bolland added that, while he remained cautious about future trading, M&S was "well set up" for the Christmas period. | |
| The retailer's results have been welcomed by analysts. | |
| Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said: "With much of the retail pain already priced in, the numbers have come as a welcome relief to M&S investors." | |
| Stockbrokers Oriel Securities said M&S had delivered a "strong performance" in its second quarter. | |
| It added in a statement: "We remain convinced that M&S is on the right track with the customer proposition and that it has the right team in place to deliver this recovery." |