12 October 2000
M&S food profits plunge

MARKS & SPENCERS food business profits have plummeted, prompting concerns that the retailer is in worse shape than previously thought, reports the Financial Times.

Operating profits fell from a five-year peak of 247 million in 1996 to 137m in 1999, figures in this weeks Competition Commission report show.

This has taken place as sales have risen 8% to 2.8bn.

Analysts had previously focused on clothing as the source of the chains problems.