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M&S to speed up store closures as profits fall

Reuters  |  LONDON 

By James DaveyLONDON (Reuters) - Marks & Spencer will speed up store closures after falling sales and cost pressures dragged first-half profit lower, underlining its struggle to regain the loyalty of British shoppers.M&S, Britain's biggest clothing retailer, also said it would accelerate the relocation and downsizing of other stores - part of Chief Executive's Steve Rowe's five-year turnaround plan that is set to initially dent profits.And while still planning to grow its food business, M&S will slow down openings of standalone 'Simply Food' stores. Rowe said its food prices needed to be more ...

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First Published: Wed, November 08 2017. 22:55 IST
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