Marks & Spencer (M&S) has posted another fall in half-year profits but the firm was boosted by the strong performance of its new in-store bakeries.
M&S’ food business was up 3.4% in the six months ending 29 September after the company successfully modernised over 190 food halls with the addition of in-store bakeries, delis and pasta bars.
The stores with the in-store bakeries outperformed all others during the period.
However, M&S’ non-food category fared less well and overall pre-tax profit slipped 9.7% to £321 million, down from £290 million during the same period last year.
Overall, sales increased by 0.6% but like-for-like sales in M&S’ core UK market were down 1.4%.
"We are making strong progress with our plan to transform M&S into an international multi-channel retailer. Our new international stores are performing well, and our multi-channel business is delivering strong growth," said Marc Bolland, M&S’ chief executive.
