Marks Spencer ailing as British economy slows down
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Tue, 04 Nov 2008 08:38
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London - Britain's leading Marks & Spencer fashion and food retail chain Tuesday reported a 34-per-cent drop in half-yearly profits and warned that 2009 would be a "tough year."Profits fell to 297.8 million pounds (470.5 million dollars) in the six months up to the end of September, the company said. It had earlier reported a 5.7-per cent drop in sales during that period. Chief executive Stuart Rose described trading during October as "volatile" and said the company remained cautious about the outlook for the remainder of its financial year. Marks & Spencer is generally seen as a "bellwether" indicator of the state of the retail trade in Britain, which has been hard hit by the global credit squeeze and downturn in consumer spending. Rose Tuesday predicted more hard times for the economy in the year ahead. "I think everybody recognizes that 2009, and probably right the way through 2009, is going to be tough," he said in a TV interview. "Maybe at the back end of 2009 we'll see blue skies," said Rose, adding that lower interest rates and a resumption of inter-bank lending at lower rates would help the retail sector.
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