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Primark profits to rise as M&S profits slump

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.

Readers' comments (1)

  • Before we praise Primark and turn our nose up at M&S should we not compare their ethical trading practices, which, in a changing world, are thankfully becoming ever more important. How long will the 'stack it high sell it cheap, and at the expense of what and whom' last for??
    Check out this article. . . .
    For some of us it's not all about making money, it's about making the right choices. How much longer can western society continue to cream large, and sometimes unethical profits, from merchandise manufactured in developing countries?
    I'm very proud of M&S. True they may not be perfect, but at least they're willing to contibute enormously to making a difference. M&S: most definately on my shopping list. Primark: most definatley not.

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