M&S lower prices of hundreds of food products
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