Big slump in M&S profits

Marks and Spencer today reported a massive 34 per cent drop in its half-year profits.

The high street retailer said adjusted pre-tax profit stood at £291.8m in the first half of the financial year, down from £451.8m a year ago.

Sales of food and clothing both fell more than five per cent during the period.

M&S boss Sir Stuart Rose said trade had been volatile in October and he was cautious about the rest of the year given the recent financial crisis. E SF

"The economic environment has changed dramatically and we are now facing the most difficult retail conditions since the early 1990s," he said.