Marks & Spencer expected to report 5.5% sales plunge

UK retailer Marks & Spencer is expected to report its worst Christmas sales figures for 10 years. The UK press has reported that the retailer is expected to report like-for-like falls of at least 5.5% in the third quarter. However, if underlying sales are down by more than 6.3% it will be its worst quarterly performance since 1999. Profit forecasts for the company for the year to March 2009 range from GBP460-692 million (USD828.93-1,247 million) compared with GBP1 billion (USD1.8 billion) last year. The results will be released on 7 January 2009.

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