Marks & Spencer has reported a 7% increase in profits during the first half of the year, as chief executive Steve Rowe said the high street giant was “rebuilding the foundations of the future M&S”.
Pre-tax profits rose 7.1% to £127m, from £118m, while revenues fell 3% from £5.13bn to £4.97bn. The group reduced net debt from £2bn to £1.78bn.
The results come after a testing period for M&S, which announced plans to close 100 stores in May and almost lost its spot in the FTSE 100.
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