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M&S profits hit.

HIGH Street giant Marks & Spencer today reported worsening sales as consumer confidence "deteriorated markedly" in the first three months of its financial year.

Overall UK like-for-like sales fell 5.3% in the 13 weeks to June 28 amid the tough high street conditions.

M&S posted profits of pounds 1 billion last year but chief executive Sir Stuart Rose, said: "At our preliminary results in May, we reported a mixed start to our 2008/9 financial year and expressed caution about consumer sentiment.

"Since then, consumer confidence levels have deteriorated markedly and market conditions have become more challenging."

The director of M&S's food business, Steven Esom, is also leaving the business with "immediate effect", the group said.
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Publication:Evening Chronicle (Newcastle, England)
Date:Jul 2, 2008
Words:118
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