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Marks & Spencer will report one of its worst Christmas trading performances in more than 80 years as a public company, laying
bare the full extent of the crisis engulfing the high street.
Britain's biggest clothing retailer is expected to reveal that sales of general merchandise, excluding food, have tumbled by about 6%-8% during the third quarter and margins have been dented by steep discounting in the run-up to Christmas. Analysts are pencilling in a sales drop of 5% to 10%. Overall, sales are expected to be down by between 5.5% and 9.6%.
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