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       <h1>Worry that M&S pace will flag hits the shares</h1>
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	          <B>Julia Finch, city editor<BR>Wednesday 6 November 2002<BR><a href="http://www.guardian.co.uk">The Guardian</a></B>
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       <div id="GuardianArticleBody">Marks &amp; Spencer delivered a better than expected surge in profts yesterday but the shares fell as investors worried about waning consumer confidence and whether the retailer could keep up the pace. <P>The chain, which just over a year ago was on the brink of disaster, reported a 34% increase in half-year profits to &#163;287m. Turnover was up 8% to &#163;3.7bn, earnings per share ahead 60% and the interim dividend increased 8% to 4p.  <P>It was the fourth consecutive quarter of growth, enabling the chairman, Luc Vandevelde, to say: "We have moved from securing our recovery to sustaining it... Customers welcome and appreciate what we are doing."  <P>Mr Vandevelde, who ceded day-to-day control to chief executive Roger Holmes two months ago and who is due to go part-time in January, was confident about Christmas trading. He warned of slowing growth, acknowledged that M&amp;S now faced tougher year-on-year comparisons, but insisted the stores would continue to regain market share.  <P>Neverthless, the shares went into reverse, closing down 26.5p, or 7%, at 353p.  <P>Analysts had pencilled in profit expectations of &#163;266m-&#163;280m. They pointed out that the figures were not that much better than forecast because M&amp;S included a near &#163;5m contribution from the Kings supermarket chain in the US. The analysts had excluded this figure because a deal to sell Kings was announced in July, but finance director Alison Reed admitted that buyers D'Agostini had not yet finalised their funding.  <P>Several analysts worried about the strength of the recovery in UK retail operations, despite profits from this core business climbing 60% from &#163;147m to &#163;236m.  <P>Clothing margins are ahead, but some of that benefit was eroded by lower margins on food. Labour costs were up 4.7%, with a third of that down to increased staffing for the Per Una young fashions de signed by George Davies and the new Cafe Revive departments.  <P>In addition, markdown targets on womenswear were missed as the group failed to cut back quickly on slow selling lines. "We lacked confidence to keep the ranges tight," said Roger Holmes. "Going forward we will strike a better balance."  <P>Childrenswear - which generates 5% of sales - is also still performing badly, and the chain has set aside &#163;5m to cover unsold stock. Mr Holmes insisted the new DB07 range endorsed by David Beckham was producing good results but conceded: "We have not met our customers' expectations." The head of childrenswear, Michele Jobling, left the company last month.  <P>Analysts also voiced concerns about a combined credit and loyalty card, which has just gone on trial in Wales. M&amp;S said it would cost &#163;25m this year, compared to an expected &#163;35m, but that a national roll-out next year would wipe &#163;60m off profits. </div></FONT><!--Article is not commented: 0 --><BR>
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