M&S speeds up closure of stores as profits slip

MARKS & Spencer is to accelerate the closure of 100 stores or departments selling clothes and home products.

The closures had previously been announced as part of a drive to cut costs, shut underperforming outlets and encourage a shift to shopping online.

So far, four have shut and two have been relocated. This programme will now accelerate.

At least another 24 will be shut and 30 others relocated. Some 45 will be downsized by taking out clothing and home merchandise. The company said yesterday these figures will be a minimum and the final closure total is likely to be higher.

Details emerged as the retailer revealed profits in the first half of the financial year fell 5.3 per cent to £219.1million.

The chain has refused to name the outlets that will go, but retail analysts say they are most likely to be older, smaller stores in town centres in areas where M&S has opened outlets at out-of-town retail parks.

The retailer also plans to slow the opening of new Simply Food outlets amid suggestions that families are struggling to pay premium prices.