The clothing, food and homewares retailer said sales rose 8.8% to £5.6bn in the six months to 1 October but underlying pre-tax profits sank 23.7% to £205.5m as its Ocado online grocery joint venture fell into the red, it pulled out of Russia and held off passing on cost rises to customers.
M&S said it was currently trading well, with clothing sales up 4.2%, food up 3% and international sales up 4.1%. However, its chair, Archie Norman, said the retailer was "now in the consumer crunch period" and there was also a "cost-of-doing-business crunch" as rising wages, energy, packaging and transport costs hit profits. "We all of us have got to run faster up the down escalator," he said in a presentation to investors.
The retailer said in a statement: "Across all M&S markets it is highly likely that conditions will become more challenging in [the next year]. However, far-reaching changes made over the past few years, alongside a reinvigorated product offer and strong value for money credentials provide some insulation from the gathering storm."
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