Marks & Spencer reported underlying profit before tax was down to £261.6m in the 26 weeks to September 28, compared to £287.3m last year. Retail Week takes a look at what the analysts had to say.

“Admittedly, the new womenswear A/W13 ranges were only in store for three weeks of the half so it is, perhaps, premature to make a final judgement call on their financial impact. However, in our view, the relaunch falls into the classic M&S trap of being good in theory but somewhat poorer in practice. In isolation the products are on trend, innovative and have genuine aesthetic and design appeal.

In food M&S continues to deliver strong growth even against some tough comparatives. Range innovation, improved store environments and an increased focus on fresh food in some larger stores have all helped to keep the momentum going. Ultimately, even in a crowded and competitive marketplace, M&S has managed to retain its crown as the destination for ‘special occasions’ and ‘treat items’ - and the Christmas food ranges now coming through suggest that M&S will put in a good performance over the coming festive season.” - Neil Saunders, Conlumino

“Interim results have now declined each year for the last three years and by 25% over this time. We are for the time being, not making any changes to our FY14 pre-tax profit forecast of £665m but consider that there is most pressure on the divide on these figures…We continue to believe it will take a number of seasons before there is a marked improvement in performance in womenswear. The strategy still appears to be evolving and not ‘set in stone’. We are also not sure whether the forthcoming Christmas TV advert with Rosie Huntington- Whiteley, Helen Bonham Carter and David Gandy will strike the right tone after the underwhelming Annie Leibovitz photo shots.” – Freddie George, Cantor Fitzgerald

“There is not much sparkle in M&S’ H1 results with PBT down 9% to £262m. While food continues to perform, the much-awaited womenswear A/W13 collection is yet to deliver the hoped-for magic. Admittedly, the weather may not have helped and all-important Christmas, against weak comps, is yet to come.” - Kate Calvert, Investec

“The underlying picture is one of flattish sales, rising operating costs and gross margin pressure…trends that obviously need to change for the better in H2 if M&S want to meet full-year profit expectations (which they say are unchanged). Much of the focus will be on the belated update on UK sales for Q2 (the 13 weeks to end September), with food doing well as expected, up 3.1% LFL, and general merchandise still down, by 1.3% LFL, despite poor gross margins caused by increased discounting. It is interesting that M&S say that the much-vaunted autumn womenswear range was only in store for the last three weeks of September, as they were boasting back in May about the ranges arriving in July.” – Nick Bubb, independent analyst