M&S like-for-likes hit

Marks & Spencer has seen sales for the 12 weeks to October 2 down 5.5 per cent on like-for-likes last year. For the 26 weeks the drop was 4 per cent.

Unaudited profit before tax and exceptionals for the half year is expected to be as low as£285 million compared with£325 million for the same period last year, although this figure matches current analyst forecasts, the retailer said.

M&S expects to take exceptional charges for the closure of its Gateshead Lifestore, the head office move to London's Paddington Basin and costs incurred in its defence against Philip Green's recent bid. The retailer said it would take a hit of£80 million in the first half of the year.