Marks & Spencer sees profits fall

High street giant Marks & Spencer has said it will accelerate its clothing store closure plans and slow Simply Food openings as it posted a 5.3% fall in half-year profits.

The retail bellwether said it was also launching a "significant" review of costs under the next push of its turnaround plan.

It posted underlying pre-tax profits of £219.1m (€248m) for the six months to September 30, down from £231.3m (€262.5m) a year earlier.

But like-for-like sales improved in its embattled clothing and home arm, down by a better-than feared 0.1% in its second quarter after a 1.2% tumble in the previous three months.

Food sales were also 0.1% down in the second quarter.

More in this Section

EU hits Google with new €1.49bn fine

Cork flights to US in doubt after ban on Boeing plane

Ireland selected as EU offshore wind testing site

Sterling and Irish bank shares hit by increased risk of no-deal Brexit


Lifestyle

Ready for the big final? We go behind the scenes on Dancing with Stars

Skinny jeans: The trend that refuses to die

Reaching out: How volunteering can boost your health and happiness

Making babies: What men can do to boost their fertility

More From The Irish Examiner