LONDON: Marks and Spencer issued a shock profit warning and said a consumer downturn was likely to be deeper and last longer than previously expected, sending its shares plunging over 20% to a near seven-year low.
The clothes, food and homewares group said sales at British stores open over a year fell 5.3% in the 13 weeks to June 28 and its upmarket food business had lost market share as shoppers switched to cheaper rivals.
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