Britain's biggest clothing retailer Marks & Spencer has said its half-year profits are down a third.

The 34 per cent decline in profits to £297.8 million came after UK like-for-like sales slid 5.7 per cent in the six months to September 27.

Executive chairman Sir Stuart Rose said the company would manage the business through the downturn by tightly controlling costs, capital expenditure and stock levels.

He added: "We are confident we have the right plan to bring M&S through these difficult times."

Sir Stuart said: "I think it's only a reflection of what we've being saying for the last six months, times are tough."

"They (the results) are not a shock to us at all and they won't be a shock to the market."

He also predicted more hard times for the economy in the year ahead.

Sir Stuart said: "I think everybody recognises that 2009, and probably right the way through 2009, is going to be tough."

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