M&S slows expansion of standalone food stores

London

MARKS and Spencer (M&S), the British clothing-to-food retailer, announced on Wednesday a sharp rise in net profits on higher sales but plans to slow expansion of its number of standalone food stores.

Profit after tax quintupled to £84.7 million (S$151 million) in the group's half-year to Sept 30 on higher overall sales, M&S said in a statement.