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MENAFN - 07/11/2012

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(MENAFN) Marks & Spencer Plc (M&S) said that first-half profit fell 3 percent to USD474.4 million, as recession kept Britons away from spending, reported Arab News.

UK's biggest clothing retailer said that it is spending USD3.8 billion over a 3-year period on store re-vamps, logistics, IT and systems, with selective investment abroad.

In the second quarter to September 29, sales from the company's British stores open more than a year were flat, with a 1.8-percent drop in general merchandise sales, including clothing, footwear and homewares, offset by a gain of 1.6 percent in food.

At the end of the first half, M&S, which is a mainstay of several British town centers and best known for reasonably priced but high quality staples, had a net debt of USD4.15 billion.

It is worth noting that M&S has 730 UK stores, in addition to 390 stores in 44 countries.

 






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