Marks & Spencer H1 Net Profit Down 10%

Marks & Spencer Group plc

reported a 10% decline in its first-half net profit. Marks & Spencer's same-store sales in the UK dropped 1.4% in the six months to September 29. Marks & Spencer's net profit for the period dropped to GBP227.2 million ($363.2million), from GBP252.4 million, in the year-ago period. Its pretax profit dropped 9.7% to GBP289.5 million, versus analysts' estimates of GBP281 million. Marks & Spencer's shares closed at $12.36 yesterday.