LONDON (AP) — British food and clothing retailer Marks & Spencer says its pretax profit fell by nearly 10 percent in the first half of its financial year as operating costs rose faster than revenue.
Marks & Spencer said Tuesday that pretax profit of 290 million pounds ($464 million) for the six months ending Sept. 30 compared to 321 million pounds a year earlier.
Sales in the period were up 0.9 percent, at 4.7 billion pounds. U.K. operating costs were up 2.9 percent.
The company did not disclose earnings.
M&S was cautious about the outlook, saying recent trading had been volatile.