Marks & Spencer Net Profit Drops 9%

Marks & Spencer Group PLC

reported a 9% drop in its net profit. M&S' profit declined to GBP466.7 million, while sales gained 1.3% to GBP10 billion. Its pretax profit dropped 14% to GBP564.3 million, while sales from stores open more than a year declined 1%. M&S shares closed at $13.43 yesterday.