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@Avalon.red

M&S food sales decline affecting profits

by LLB Reporter May 20, 2019

written by LLB Reporter 20^th May 19 10:10 am

M&S food sales in the first quarter dropped affecting full year profits. According to analyst Consensus, pre-tax profits fell by 11% year-on-year to £519m.

Consensus predict like-for-like food sales will decline by 2.4%, and clothing to fall by 1.4% during the period.

Analysts at AJ Bell said, “It has been another tough 12 months for M&S as the company has accelerated its restructuring plans, seen profit estimates gradually slide lower, cut its interim dividend and announced a fund raising.

“The shares are trading very close to their financial crisis lows of 2008, although for all of that, they are only down by 4% the past year, which is better than the FTSE 100’s 6% drop.”