Marks & Spencer reports 22.7% drop in pre-tax profits

Marks and Spencer reported a 1.2 percent fall in general merchandise sales between March and September. Like-for-like sales decreased by 0.4 percent, while food sales in the UK increased by 0.2 percent. Pre-tax profits dropped 22.7 percent to GBP 216m.
“In the second quarter we took a decision to focus on full price sales and discount less, which affected sales performance,” the company said in a statement. “Despite some improvement in consumer confidence, market conditions continue to be challenging in both the UK and the international markets.”
International sales for the UK retailer decreased 5.1 percent, as M&S absorbed higher costs.