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Poor clothing sales see M&S’s profits slide

Poor clothing sales see M&S’s profits slide

Business
Marks and Spencer profits dropped in the first half of its financial year following a sharp fall in demand for its clothes and home goods.The High Street retailer said that while its food business was "outperforming the market", there had been issues in clothing and home.Marks and Spencer is undergoing a transformation plan led by chief executive Steve Rowe.He said after a "challenging" first half, it is now seeing improvements.Overall, pre-tax profits tumbled by 17% to £176.5m on total sales down 2.1% to £4.86bn.Like-for-like sales in clothing and home fell by 5.5% during the six months to 30 September, worse than an expected 4.3% drop.Despite that, in early morning FTSE 250 trading the company's shares were up 6.3% at 193.94 pence. M&S said there ha