One of the UK’s leading retailers, Marks and Spencer today announced that its profits had fallen by 34% as consumers cut back on spending during the credit crunch. Marks and Spencer’s latest figures show that their pre-tax profits stood at £291.8 million, down over a third from last year, which saw a pre-tax profit of £451.8 million.
Sales of both general merchandise and food were down, with general sales falling 6.2 percent and food sales down 5.3 percent. Marks and Spencer have stated that they will by “realigning†prices on over 530 of its grocery products and releasing new clothing ranges in the New Year.
The latest fall in profits were not as bad as predicted by some analysts; this boosted the price of Marks and Spencer’s shares by 6.8 percent up to 236.5p.
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