M&S Shares Drop as It Refuses to Release an Early Trading Update

M&S says that it will not change its profit guidance Reuters

Shares in British retailer Marks & Spencer have fallen on the FTSE 100 after the group's stock followed its rival Next's trajectory.

The M&S stock price fell by nearly 2% to 407.70p after Next unveiled an unscheduled trading update and warned of a profit slump due to to unseasonably mild weather.

Next has said that a warm September has hit sales and things could get worse unless the temperature drops. The news sent Next's shares falling by more than 3% in early morning trading to 6,603.20p.

However, a spokesperson for M&S said that it was sticking to its 5 November date for revealing its second half results.

The hot September has meant that consumers have delayed buying their clothes for the winter months, which most stores now have in stock.

M&S, House of Fraser, New Look and Debenhams have all began offering discounts on their new seasonal ranges.