M&S H1 sales marginally rise, profit improves by 2.3 percent

REPORT_ Marks & Spencer (M&S) reported a marginal rise of over 1 percent to 4.9 billion pounds (7.7 billion dollars) with underlying profit before tax improving over 2.3 percent. General merchandise sales were down 2.3 percent withlike-for-like sales down 2.9 percent for the six months ended September 27, 2014.

Clothing sales were down 1.6 percent or 2.2 percent on a like-for-like basis. It has updated full year guidance with gross margin level raised from over 100bps to from over 150 and over 200bps. Operating costs are expected to be lower from over 4 percent down to over 3.5 percent.