Marks & Spencer posts ‘unsatisfactory’ 19.5 per cent profits slump
By John Glenday
High Street juggernaut Marks & Spencer has seen its profits before tax slump by 19.5 per cent in the 52 weeks to 26 March, despite posting a small 0.8 per cent rise in revenues to £10.4bn.
The veteran retailer took a hit principally from its international business, which endured a 39.6 per cent fall in operating profits to £55.8m courtesy of ‘difficult’ trading conditions and an ‘unsatisfactory’ performance at its all-important clothing and home division.
Moreover the retailer expects to see such underperformance continue in the near term as it pumps resources into its clothing and home sectors in a Read full story ›
Source: The Drum
