LONDON (Reuters) – British retailer Marks & Spencer reiterated that full-year profit would fall short of the prior year’s outcome due to higher costs and pressure on household budgets, as it reported a 24% decline in first-half profit.
The clothing and food group, one of the biggest names in British business, on Wednesday reported profit before tax and adjusting items of 205.5 million pounds ($237 million) for the six months to Oct. 1, down from 269.4 million pounds made in the same period last year, despite an 8.5% rise in revenue to 5.54 billion pounds as higher costs weighed.
($1 = 0.8670 pounds)
(Reporting by James Davey; Editing by Kate Holton)
