European stocks stumble on poor earnings

European equities retreated on Tuesday, with London hit by poorly-received results from British retailer Marks & Spencer and mobile phone giant Vodafone. London’s FTSE 100 index of top companies dropped 0.62 per cent to close at 6,802 points, Frankfurt's DAX 30 slid 0.21 per cent to 9,639.08 points, and the CAC 40 in Paris lost 0.39 per cent to 4,452.35 points. Milan added 0.3 per cent and Madrid climbed 0.27 per cent. Vodafone’s shares topped the FTSE 100 fallers board, slumping 5.5 per cent to close at 205.30 pence despite surging annual net profits, as the group forecast that earnings would slide in 2014/2015. Marks & Spencer's share price shed 1.1 per cent to 446 pence, after announcing that underlying profits before tax slid 3.9 per cent to £623 million in the 52 weeks to March 29, from a year earlier. That marked the third successive drop in underlying annual profits. The group, involved in a big investment and rejuvenation programme, did well with its food lines but the clothing sector struggled, according to AFP.