British retail giant reports drop in sales

October 2nd, 2008 - 4:40 pm ICT by IANS  

London, Oct 2 (DPA) British retail giant Marks and Spencer (M and S)reported Thursday a steep fall in sales over the summer months in a further sign of the economic downturn, figures showed.M and S said comparative sales in Britain fell by 6.1 percent in the 13 weeks to the end of September which represented the worst quarterly performance since the beginning of 2005.

“Consumer confidence remains fragile and the retail environment unpredictable. Consumers are increasingly cautious about their budgets,” said executive chairman Stuart Rose.

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