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| M&S reports 11.5% rise in profits | M&S reports 11.5% rise in profits |
| (20 minutes later) | |
| Marks and Spencer (M&S) has posted a 11.5% rise in half-year profits, describing the performance as "good" in face of the poor summer weather. | Marks and Spencer (M&S) has posted a 11.5% rise in half-year profits, describing the performance as "good" in face of the poor summer weather. |
| Reporting its results for the six months to 29 September, M&S made an adjusted pre-tax profit of £452m ($942m), up from £405m a year ago. | Reporting its results for the six months to 29 September, M&S made an adjusted pre-tax profit of £452m ($942m), up from £405m a year ago. |
| Same-store sales at the retail giant, which exclude new store openings, were up 1.6% in the UK from a year earlier. | Same-store sales at the retail giant, which exclude new store openings, were up 1.6% in the UK from a year earlier. |
| M&S warned that the short term UK retail outlook remained "uncertain". | |
| 'Tough market' | 'Tough market' |
| The firm's total sales for the half-year came to £4.2bn, a 6.5% increase on the same period last year. | The firm's total sales for the half-year came to £4.2bn, a 6.5% increase on the same period last year. |
| We believe that there is a significant opportunity to grow our international business going forward Marks and Spencer | |
| Overall UK sales advanced 5.9%, while those at stores abroad jumped 13.8%. | Overall UK sales advanced 5.9%, while those at stores abroad jumped 13.8%. |
| "We had a good first half despite a tough market impacted by unseasonable trading conditions, and at a time when many of our stores were undergoing major refurbishment," said M&S chief executive Stuart Rose. | "We had a good first half despite a tough market impacted by unseasonable trading conditions, and at a time when many of our stores were undergoing major refurbishment," said M&S chief executive Stuart Rose. |
| "Whilst the short term economic outlook remains uncertain, the actions we have taken to reposition and revitalise M&S over the last three years put us in a good position to continue to outperform and give us confidence in the long term growth prospects of the business." | "Whilst the short term economic outlook remains uncertain, the actions we have taken to reposition and revitalise M&S over the last three years put us in a good position to continue to outperform and give us confidence in the long term growth prospects of the business." |
| Mr Rose added that by Christmas M&S would have modernised 70% of its retail space. | Mr Rose added that by Christmas M&S would have modernised 70% of its retail space. |
| Chinese plans | |
| M&S's half-year UK food sales were up 0.5%, while general merchandising sales advanced 2.3%. | |
| The retailer said that it was now planning to enter the Chinese market and expand its presence in India, where it has traded for six years. | |
| M&S currently has 257 overseas stores in 36 countries. | |
| "We believe that there is a significant opportunity to grow our international business going forward and are targeting a 15-20% contribution to group revenues within the next five years," it said. |