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Marks & Spencer clothing sales fall for ninth consecutive quarter
MARKS & Spencer reported a ninth consecutive quarterly fall in underlying sales of general merchandise, with its much vaunted new season clothing ranges only managing to slightly slow the rate of decline.
M&S said clothing and homeware sales dropped 1.3 per cent between July and September on a year earlier, slightly above City hopes and better than a 1.6 per cent first-quarter decline.
Underlying pre-tax profits dropped 8.9 per cent to £261.6m during the six months to the end of September, but shares rose 10.35p to 497.45p.
Associated British Foods, which owns M&S rival Primark, moved in the opposite direction after it posted full-year results showing a a 13 per cent rise in underlying profits to £1.1bn.
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