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.
- M&S guarantees GM-free food, FWi, 01 July, 1999
- Marks and Spencer bans tethered pigs, FWi, 21 December, 1998
- Financial Times 12/10/2000 page 1
- Daily Mail 12/10/2000 page 79