M&S profits fall on weaker clothing sales

Marks & Spencer said its annual profit fell 5.8 percent as consumers spent less on its fashion goods, even as food sales increased.

21st May, 2013
M&S profits fall

Marks & Spencer said its annual profit fell 5.8 percent as consumers spent less on its fashion goods, even as food sales increased.

The retailer's underlying profit before tax fell to stg£665.2 million in the year to March 30th.

The news followed last week's release of a new autumn-winter fashion range last week, which Chief Executive Officer Marc Bolland said was a “step in the right direction” with its emphasis on improved quality and styles....

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