Marks & Spencer, a UK based clothing retailer, earlier today reported a drop in pre-tax profit by 17.1%. The company witnessed a 2.1% drop in revenue to £4.86 billion.
The overall profit for the first half which ended in September stood at £176.5 million due to its poor clothes sales.
The company over the last few years has seen its share price fall from FTSE 100 (FTSE) index.
According to the company’s officials, poor sales of clothes and home products led to a drop in pre-tax profit in the first half of the financial year. The company also closed down 17 stores which were not performing well in the same period.
Steve Rowe, the CEO of the clothing maker stated its food business was doing very well in sales.
Sales for its clothes and home products were down by 5.5% when compared to the same time last year due to lack of availability.