Half-year results:
- Group sales up 0.9% at £4.7bn
- Underlying profit before tax £297m (last year pro-forma £307m; reported £315m)
- Underlying basic earnings per share 14.6p (last year 15.6p)
- Interim dividend 6.2p per share (last year 6.2p)
- Net debt £2.6bn (last year pro-forma £2.6bn; reported £2.0bn)
Statutory results:
- Profit before tax £290m (last year £321m)
- Basic earnings per share 14.2p (last year 16.0p)
Marc Bolland, Chief Executive, said:
"We are pleased to report a better performance across the business in the second quarter. We took steps to address the short term merchandising issues in General Merchandise and as a result, we delivered an improved performance. Food outperformed the market on a like-for-like basis.
"Eighteen months in, we are making strong progress with our plan to transform M&S into an International Multi-channel retailer. Our new International stores are performing well, and our Multi-channel business is delivering strong growth.
"As we approach the all important Christmas period, we have better than ever Christmas products, to help our customers enjoy a special Christmas at home."
Current trading and outlook
Recent trading has been volatile. This, coupled with continuing pressure on consumers' disposable incomes, makes us cautious about the outlook for the rest of this year. However, we are well set up for the Christmas trading period.
