Business breakdown: 5 stories to make you money
US earnings season is coming to an end, just as election season in the UK is gathering pace. Amid another whirlwind of business stories, we’ve picked out the headlines which shouldn’t be missed.
Marks & Spencer profits dive
Marks & Spencer (LON: MKS) is struggling to produce positive results from its transformation plan. In the first half of its financial year the retailer reported a 17% drop in pre-tax profits to £177m, on total sales down 2.1% to £4.9bn. Clothes and home goods were the main problem again, with revenues down 5.5%, compared to expectations of a 4.3% drop.
M&S blamed the problems on “availability challenges”. Sure – there is low availability of potential customers at the group’s dated stores, which sell bland clothing at an unwanted price point. Management wants to revamp…
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