Marks & Spencer: stock down after falling H1 results
(CercleFinance.com) - Marks & Spencer shares are down over 3% in London, after the retailer announced adjusted EPS that fell by 35.
5% to 7.8p for H1 2022-23, as well as a taxable profit excluding exceptional items that was down 23.7% to 205.5 million pounds.
At 5.56 billion pounds, the British department stores' chain's revenue rose 8.8%, with increases of 5.6% in food and 14% in clothing and home.
Management says that as it enters what is traditionally its strongest quarter of the year, business remains buoyant, saying that for the first four weeks of H2, business has been in line with its forecasts.
However, the group believes that it is highly likely that conditions will become more difficult in all of its markets in FY 2023-24 and will delay decisions regarding shareholder redistribution until the end of the year.
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