Food profits falter at M&S
Ailing high-street retailer Marks & Spencer could be in more trouble than at first thought, after figures released to the City yesterday revealed plunging profits in its food business.
LONDON (Brand Republic) – Ailing high-street retailer Marks & Spencer could be in more trouble than at first thought, after figures released to the City yesterday revealed plunging profits in its food business.
Operating profits for the division are said to have fallen from £247m in 1996 to £137m in 1999, and could shock investors who thought the company’s poor performance was down to its clothes division.
The figures are contained in the Competition Commission’s report on the supermarket sector released this week. It also said margins in M&S’s food businesses halved between 1995 and 1999 from 10% to 5%. (FT.com)
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