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Marks & Spencer reports a 17.1% drop in pre-tax profits

marks and Spencer UK

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.

About the author

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Markham Reid

Markham is a freelance writer and editor he has worked with VICE media, Playboy and Tech Crunch. His articles are also regularly published on The Wall Street Journal. He covers articles related to health, fitness, and startups. He was awarded by Men's Health magazine in 2017 as the best editor in the food and wine industry. He majored in English Literature from Texas University. He is a single parent currently living in New York with his 3 kids. He loves playing video games with his sons during the weekends.

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