Marks & Spencer warned of a ‘gathering storm’ as it grapples with rising costs while households face a squeeze on living standards. The fall in profit came despite overall sales rising 8.5 per cent in the period to £5.5billion, driven by a bumper performance of its clothing and home range. And M&S warned it will face a ‘material contraction’ in demand in the next financial year. Despite the increase in sales, profit was cut in half to £71.8million by soaring costs and M&S’s decision to absorb some of the hikes. She said: ‘Our customers have already bought about 30 per cent of their Christmas gifts, so people are planning forward.’

Source: Daily Mail November 10, 2022 02:20 UTC