M&S continues to report sales decline in the first half

Marks and Spencer Plc (M&S) group revenue decreased by 3 percent at constant currency to 4,967 million pounds (5,689 million dollars) in the first half of this fiscal year, which the company said was adversely impacted by Easter timing by an estimated 0.8 percent in Food and 0.2 percent in Clothing & Home and the group’s accelerated UK store closures. The company said, profit before tax & adjusting items was 223.5 million pounds (293.4 million dollars), up 2 percent on last year benefiting from lower first half costs. Basic earnings per share increased by 3.8 percent to 5.4p, due to the increase in profit year-on-year, while adjusted basic earnings per share decreased by 0.9 percent to 10.6p.