Sears Half-Year Profits Slide

But Sears, whose business spans shoes, womens fashion and London's Selfridges department store, said the reorganisation was complete and the group could now start making progress.

Chief executive Liam Strong said he believed the company had put the steps in place to achieve a better performance.

We are looking for a steady improvement in performance from now on, he said in a telephone interview.

Investors, braced for dismal first half results, were mildly engouraged by the figures, which were at the top of market expectations.

The trading statement is not bad and things seem to be on an improving trend, said one retail analyst.

Pretax profit including the provisions was