MARKS & SPENCER's annual profits fell in 2012, prompted by a decrease in its clothing category. Overall pre-tax profits dipped to £564.3m, down from £658m in 2011, as general merchandise - which includes apparel - dropped by 4.1 per cent. Food sales were up by 1.7 per cent.
"We won't duck the fact that we feel we have underperformed in general merchandise," M&S chief executive Marc Bolland told Radio 4's Today programme this morning. "We have to improve on quality."
The British high street bastion hired former Jaeger and Debenhams designer Belinda Earl to rejuvenate the store's fashion offering in July 2012. Her debut collection for the brand was unveiled last week - a slick, well-styled range that mixes timeless classics a modern twist - and is expected to boost M&S' profits and fashion credentials in the next coming year.
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