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.