Primark is expected to reveal an 18% increase in profits tomorrow while Marks & Spencer is expected to announce a 35% slump in its profits.
Associated British Foods, which owns value retailer Primark, is expected to say that full year profits have risen to £236 million, according to analyst forecasts. Primark’s sales are expected to be about £1.9 billion.
However, middle market giant Marks & Spencer will see half year profits drop to around £295m, a drop of 35%, according to analysts.
Marks & Spencer’s full year profit for the year to March 2009, is forecast to be £667m, down a third from £1bn.
The Observer reported that Marks & Spencer’s womenswear share by value has declined rapidly for the 26 weeks to September 7. Menswear share was also down but kidswear showed strong gains.
Marks & Spencer is understood to be planning redundancies following a decision to cut back its store refurbishment and store opening programme.