The 34 per cent decline in profits to £297.8m came after UK like-for-like sales slid 5.7 per cent in the six months to September 27.
Executive chairman Sir Stuart Rose described trading during October as 'volatile', and said the company remained cautious about the outlook for the remainder of its financial year.
Sir Stuart Rose denied today there was a problem at the store.
"I think it's only a reflection of what we've being saying for the last six months: times are tough," he said.
"They (the results) are not a shock to us at all, and they won't be a shock to the market.
"We are obviously a very widely spread business. I said earlier this year that we are, if you like, a sort of early warning system of what was going on.
"We talk to our customers all the time and they tell us, 'Look, we feel your squeeze."
He predicted more hard times for the economy in the year ahead.
"I think everybody recognises that 2009, and probably right the way through 2009, is going to be tough," he said.
"If the government or the Bank of England reduce interest rates this Thursday - and I think there's a very high likelihood that they will - and more importantly, if the banks themselves reduce the inter-banking rate - in other words, lend each other money at a cheaper rate - then some of that will filter through in terms of consumer confidence to the UK consumer.
"Maybe at the back end of 2009 we'll see blue skies."
Today's profits figure is slightly better than the £290m expected in the City. M&S is forecast to report full-year profits of around £640m - a far cry from the previous year's figure of more than £1bn.
The company used today's results to outline its priorities for the remainder of the year and into next year. This includes maintaining its market leading position in general merchandise and improving the company's performance in food, where its market share has declined from 4.3 to four per cent.
It said its 'Dine in for £10' promotion and weekend offers were starting to drive footfall.
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