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M&S trims store count with dipping profits

Marks and Spencer has shut down six of its larger UK stores. A further 45 are being downsized or converted to food-only. More than 50 loss-making international stores will be shut. The retailer’s half year profits fell 5.3 per cent.

However, total revenue climbed 2.6 per cent year-on-year and overall like-for-likes for the first half was up by two per cent. UK sales and food sales went up by 2.7 per cent and 4.4 per cent respectively. On a quarterly like-for-like basis, UK sales improved from a 0.5 per cent drop to 0.1 per cent, while food remained the same at 0.1 per cent.

As for the clothing and home division, like-for-like sales went down 0.1 per cent in the second quarter – although this was an improvement on the 1.2 per cent drop in the previous quarter. While like-for-like clothing and home sales fell 0.7 per cent overall in the first half, the retailer’s decision to cut the number of clearance sales saw full-price sales surge by 5.3 per cent.

Meanwhile, online revenue lifted 5.7 per cent and international profits trebled as a result of decisive action to reduce losses in owned markets, as well as favorable currency movements.

 
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