Struggling retailer Marks and Spencer said today that profits fell further in the first half of the year, and chairman Luc Vandevelde warned that the chain had "lost sight of some of the basics of retailing".
The former darling of the UK high street, which has fallen from grace over the past two years, said pre-tax profit fell 4.9% to £183.4 million in the six months to September. Although sales ticked up slightly to £3.76 billion, the retailer said it had decided to close six stores in a bid to ensure better profitability.
Vandevelde was unforgiving in his assessment of Marks and Spencer's decline, which started when its traditional customers began complaining of dull clothing ranges, particularly in comparison with more vibrant competitors.
Marks and Sparks have several retail outlets in Ireland, including its flagship store in Dublin's Grafton Street.
