M&S Adds to Bad Week for UK Retail

Marks & Spencer's slide in first-half profits comes as Mothercare shuts all UK stores and shopping mall operator Intu shocks investors with a possible rights issue

James Gard 6 November, 2019 | 11:03AM

Marks & Spencer

Marks & Spencer (MKS) has reported a sharp fall in first-half profits, giving UK investors yet another insight into the parlous state of British retail. A sharp fall in shopping centre group Intu’s share price, as well as news that all 73 Mothercare UK stores will close, has piled on the bad news for the retail industry this week.

M&S pre-tax profits were down 17% to £176.5 million and group revenue was 2.1% lower than the same period in 2018 at £4.8 billion. Like-for-like food sales were up 0.9% in the first half compared to 2018 but like-for-like clothing and home sales were down 5.5%. Total group sales were off 2.2% in the period.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Intu Properties PLC12.03 GBX-5.31
Marks & Spencer Group PLC183.85 GBX2.42
Mothercare PLC15.53 GBX0.32

About Author

James Gard  is content editor for Morningstar.co.uk

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