Monday, May 21, 2012

Marks and Spencer annual profits fall 16%

Marks and Spencer store in London

Marks and Spencer's profits have fallen sharply in what the company describes as a tough environment.

Profits for the year to the end of March were £658m, down 16% from the previous year's £781m.

Like-for-like sales in the UK, which measure sales in stores open for more than a year, were 0.3% up on last year.

Like-for-like food sales in the UK were up by 2.1% but general merchandise, which includes food and clothing, fell by 1.8%.

Marks and Spencer has more than 700 stores in the UK.

International sales were much stronger, growing by 5.8% over the previous year.

A month ago, Marks and Spencer admitted to running out of stock in some of its best-selling lines of womenswear, which contributed to a drop in sales.

The company's chief executive Marc Bolland said the company had done well against a weak economic background: "Marks and Spencer performed well in a challenging environment."



Source & Image : BBC

No comments:

Post a Comment