Marks & Spencer 1H profit dips as costs rise

AP News
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Posted: Nov 06, 2012 2:53 AM

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.

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The company did not disclose earnings.

M&S was cautious about the outlook, saying recent trading had been volatile.