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Poor clothes sales hit Marks & Spencer's profits

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By Euronews
Poor clothes sales hit Marks & Spencer's profits

Marks and Spencer has reported disappointing sales in clothing and homeware.

Several factors have been cited for a 1.2 percent decline in general merchandise sales, which includes clothes that account for about 40 percent of the High Street retailer’s overall sales.

A rainy spring, a refusal to discount, and poor take-up of a new womenswear range have all been blamed.

In its half-yearly statement M&S said underlying profits to the end of September were up by over six percent, but one-off expenses including a stores revamp meant a fall in pre-tax profits by almost a quarter to £216 million (305 million euros).