M&S lower prices of hundreds of food products

by XPRESS, 08 November 2018

Marks & Spencer (M&S) is shaping its business by lowering prices on hundreds of food items.

Chief executive Steve Rowe revealed the move to the BBC with food “trading behind our expectations”.

M&S has reported falling clothing and food sales and warned it sees little improvement in sales this year.

Like-for-like sales were down 2.2% for the six months to the end of September.

Food sales were down 2.9%, while clothing and home sales slid 1.1%. M&S warned trading conditions for the remainder of the financial year would remain “challenging”, while the company expected “little improvement in sales trajectory”.

Rowe said: “What we are doing is making sure we protect the magic of M&S.”

Revenue fell 3.1% to £4.96bn but underlying pre-tax profits were up 2% to £223.5m.

Article credit: Propel info