M&S reports strong first half

| November 9, 2010 | 0 Comments

British retailing giant, Marks and Spencer (M&S) today reported half-year pre-tax profits of £348.8 million in the 26 weeks to October 2 - a rise of almost 17% compared with a year earlier.

The 126-year-old retailer which sells clothes, food and homewares, said earnings after tax grew by 16.4% to £261.2 million

Sales, meanwhile, increased by 5.4% to £4.569 billion, boosted by sales of clothing and food, said M&S.

However, like many other retailers, it issued caution for the next few months - particularly in light of the Government’s spending cuts and the forthcoming VAT rise on 1 January.

Meanwhile, chief executive, Marc Bolland who joined the company in May from supermarket giant Morrisons, described it as a strong first half.

“In clothing, we grew market share in all areas as we gave our customers better fashions, more choice and great value. In food, more customers chose to shop with us recognising our quality, innovation, and improved values,” he said.


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