Sales fall again at Marks & Spencer

UK like-for-like sales fell by 0.4% for the period. General merchandise, which includes the clothing division, were down by 1.2%.

Food sales rose by just 0.2%. Both figures were in line with analysts' expectations.

The retailer said underlying profits rose by 6.1% to £284m, although after taking into account one-off items pre-tax profits fell 22.7% to £216m.

 

Those one-off items included almost £27m on revamping UK stores and £22m on European store costs.

M&S said that trading conditions were challenging, with the UK retail sector affected by unseasonal conditions that resulted in high levels of promotions, particularly in the first quarter.

Insurance hits Policies sales, through Mobile phones

Mobil / Insurance

More people are signing up for insurance products using their mobile operator, thereby deepening the penetration rate for micro-insurance in the country over the past three years.

A 2014 National Insurance Commission (NIC) study found that 28 percent of people have a micro-insurance product either through a mobile operator, savings account, or in a loan product.