Marks & Spencer to axe 1,230 jobs

Reuters
Posted: Wednesday, Jan 07, 2009 at 1359 hrs IST
Updated: Wednesday, Jan 07, 2009 at 1359 hrs IST

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London: got, and given the sales outlook, we still expect profits to be falling next year."

M&S finance director Ian Dyson said there was no change in group dividend policy "at this stage". Many analysts expect a dividend cut when a decision is made at the end of March.

Like-for-like general merchandise sales, which include clothing and homewares, were down 8.9 per cent in Britain, while food sales on the same basis were down 5.2 per cent, M&S said.

M&S shares have underperformed the DJ Stoxx European retail index by 50 per cent last year. They closed at 238.75 pence on Tuesday, valuing the firm at 3.6 billion pounds....

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