M&S faces ‘gathering storm’ as profits plunge by 24%

Marks & Spencer says clothing, food and international sales fared well but cost of doing business' is affecting performance

Marks & Spencer has said it faces a gathering storm", with next year likely to be more challenging than this after reporting a near 24% fall in profits.

The clothing, food and homewares retailer said sales rose 8.8% to 5.6bn in the six months to 1 October but underlying pre-tax profits sank 23.7% to 205.5m as its Ocado online grocery joint venture fell into the red, it pulled out of Russia and held off passing on cost rises to customers.