Marks & Spencer 5.5% sales decreasing

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 compared with GBP1 billion last year.