Marks & Spencer’sadjusted pre-tax profits have fallen17% to £176.5m in the six months to the end of September.
The dividend is cut 40% to 3.9p – as previously indicated
Steve Rowe, chief executive, said: “For the first time we are beginning to see the potential from the far reaching changes we are making”.
Sales in clothing and home were down 5.5% while food sales were up 0.9% – that’s on a like-for-like basis, taking into account the same number of stores.
Rowe added: “We are making up for lost time. We are still in the early stages, but we are clear on the issues we need to fix and, after a challenging first half, we are seeing a positive response to this season’s contemporary styling and better value product.
“We have taken decisive action to trade the ranges with improved availability and shorter clearance periods. In some instances dramatic sales uplifts in categories where we have restored value, style and availability illustrate the latent potential and enduring broad appeal of our brand.
“Our cost reduction and store technology programmes are on track.”