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Marks & Spencer (LSE: MKS) 1H19 Results: Food Underperforms, Clothing Improves; Company Beats Bottom-Line Expectations

Executive Summary

  • In 1H19, Marks & Spencer (M&S) reported a slightly improved performance in its UK Clothing & Home segment, as it seeks to reshape its clothing offering with streamlined ranges that will help it to recapture family-lifestage shoppers.
  • The UK Food segment turned in a disappointingly deep fall in comparable sales, impacted by a pivot away from promotions in favor of lower prices.
  • Adjusted pretax profit was up 2.0% year over year and ahead of the consensus estimate of £200.5 million.

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