UPDATE: Marks & Spencer confirms it will speed up store closures

London - British department store Marks & Spencer is set to accelerate it clothing store closures and slow down it new Simply Food store opening plan after revealing a 5.3 percent drop in profits for the first half of fiscal year 2017.

Although its clothing and home revenue level with full price sales were up 5.3 percent to the six months that ended September 30, due to better product offering at a lower price, like-for-like sales fell 0.7 percent. M&S overall position in the UK apparel market, even though the business retains a strong market position in lingerie, schoolwear, denim and suits, which has led to the department's store decision to further reshape its clothing and home category.

"We are undertaking a significant review of our cost base with the aim of generating a substantial reduction in legacy and structural costs. In addition, we are working on the opportunity to reduce working capital and release cash. In the next phase, further significant changes will be made to consolidate strong accountable business units in Food and Clothing & Home," said M&S in a statement.

The announcement comes after previous reports indicated Marks & Spencer was preparing to reveal additional store closures, following the appointment of turnaround specialist Archie Norman earlier this year. The British department store group first shared its recovery plan a year ago, which included the closure of 30 larger UK stores, with an additional 45 to be downsized to transformed to food-only stores.

Photos: Marks & Spencer