Marks & Spencer reduces online sales by 151 million pounds

British department store group Marks & Spencer has reduced its calculation for its online sales over the past four years, as the former results had not taken into account 500 million pounds worth of goods which had been returned in store.

New figures released by the group show that M&S sold 649 million pounds worth of goods online in the year to March 2014. However in its annual report published last year the group said online sales had amounted to 800 million pounds, which is an overstatement of 151 million pounds, according to the Mail on Sunday,

M&S has revealed corrected figures for online sales for the past four years, which shows total online sales for the period were 500 million pounds less than formerly stated. These changes reportedly do affected M&S overall sales or profits, but convey a difference vision of the group's online business.

The group noted that restated online sales had declined 2 percent this year to 636.5 million pounds following its online relaunch last year.