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Marks & Spencer profits fall

Marks & Spencer's first half results saw overall pre-tax profits drop by 17 per cent to £176.5 million on sales of £4.86bn, down by 2.1 per cent. Clothing and home like-for-likes were down by 5.5 per cent for the six months to 30th September, whereas like-for-like food sales were up by 0.9 per cent. As widely reported Marks & Spencer is undergoing a transformation plan headed by CEO Steve Rowe in a bid to revive its clothing and home performance.

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