Shares in Marks and Spencer (M&S) have climbed on the London Stock Exchange this morning (November 6th) after the retailer announced its profits for the six months to the end of September were lower than last year.
Compared to the same timeframe in 2011, pre-tax profits were down by 9.7 per cent to £290 million on the back of a 2.5 per cent fall in like-for-like general merchandise sales, which pulled down the total UK like-for-like sales by 1.4 per cent.
M&S stated that it did not benefit from an Olympics or jubilee boost and that the poor weather and economic climate provided extra obstacles for customers.
Nevertheless, chief executive Marc Bolland is optimistic about Christmas, stating: "We are all set up for the Christmas trading period."
At 09:45 GMT, M&S shares were higher by 1.8 per cent to 395.00p per share in London.
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