M&S to cut the number of UK clothing and home stores by 60

Marks & Spencer (Frankfurt: 534418 - news) has said it is to cut the number of its UK clothing and home stores by 60, as it reported an 88% fall in half-year profits.

The changes will mean the closure of 30 "full line" stores offering all M&S ranges and the "downsizing or replacing" of a further 45 to Simply Food stores, over the next five years.

Other stores will be relocated while some new full-line stores will be opened in underserved areas, M&S said.

Details of the changes confirm a story first reported last week by Sky News.

It follows a review launched by new M&S boss Steve Rowe earlier this year.

Mr Rowe said: "These are tough decisions, but vital to building a future M&S that is simpler, more relevant, multi-channel and focused on delivering sustainable returns."

M&S reported a fall in profits to £25m for the six months to 1 October, compared to £216m for the same period a year ago.

The slump largely related to pension charges but underlying profits were also down, by 19%, thanks to lower clothing and home sales.

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