Marks and Spencer has seen its profits fall by 34%.

British retailer Marks and Spencer has suffered a 34% fall in profits as market conditions and consumer confidence decline.

The retailer’s pre-tax profits have dropped significantly, falling from £451.8 million last year to £297.8m in the first half of this financial year. Food and clothes sales numbers have also fallen by more than 5%.

The weakening economy and the credit crunch have been blamed for the drop in profits.

Marks and Spencer Chairman, Sir Stuart Rose said: “Trading through October has been volatile with recent events in the financial markets and their impact on the wider economy further weakening consumer sentiment.

“The economic environment has changed dramatically and we are now facing the most difficult retail conditions since the early 90’s.”

Despite the fall in profits, it is not all bad news for Marks and Spencer. The fall in profits is less than some experts had predicted, boosting the company’s share price which has risen to 6.8%.