M&S has confirmed that it is to close around 30 loss making clothing and home stores as well as overhauling further 45 in order to concentrate on its more profitable Simply Food division. The moves include opening stores in currently underserved areas.

The news comes after the company reported a near 90% fall in bottom-line profits for the six months ended October 1st. While total revenue was flat in the six months to 1 October, food sales grew by 4% on a total basis but declined by 0.9% on a like-for-like basis. Total clothing and homeware sales fell by 5.3% while like-for-like sales declined by 5.9%.

Steve Rowe, Marks & Spencer chief executive, said: “In May, we laid out a number of questions which we would answer as part of our strategic review. We committed to creating a simpler business with customers at its heart, and taking action to start to recover our Clothing & Home business and continue to grow in food.

“Our aim is to build a sustainable business which will delight our customers, provide a robust foundation for future growth and deliver value for our shareholders in the long term. We have made good progress on our plans and customers are already noticing a difference, particularly in clothing & home.”