Marks & Spencer has seen a 5.3% decline in first half profits as it reported that its chief finance officer is to step down.
While group revenue rose by 2.6% to £5.21 billion in the 26 weeks to September 30th, pre-tax profit before adjusted items fell to £219.1 million from £231.3 million in the previous year.
Steve Rowe, Marks & Spencer chief executive, said: "The business still has many structural issues to tackle as we embark on the next five years of our transformation, in the context of a very challenging retail and consumer environment. Today we are accelerating our plans to build a business with sustainable, profitable growth, making M&S special again."
Mr Rowe added: "We have made good progress in remedying the immediate and burning issues at M&S I outlined last year. In clothing & home early results are encouraging and in international we now have a profitable and robust business. We recognise now that we face stronger headwinds in food which will be addressed in the year ahead.”
Marks & Spencer has also reported that its chief finance officer Helen Weir is to step down to “pursue a plural career”. The retailer said it has already commenced a search for her replacement.
