Marks & Spencer Reports 10% Drop In First-Half Profit

Marks & Spencer Group PLC

reported a 10% decline in its first-half profit. Marks & Spencer's pretax profit, before tax and exceptional items, dropped to GBP315.2 million from GBP348.6 million, versus analysts' estimates of GBP311 million. Marks & Spencer's net profit for the period surged to GBP311.9 million, from GBP162.2 million, in the year-ago period. Marks & Spencer shares closed at $10.38 yesterday.