Marks and Spencer is narrowing the gap with high street rival Next, says Moody’s February 8, 2016 Marks & Spencer is closing in on its high street rival Next after boosting the profitability in its troubled clothing business by bringing more of its design in house and sourcing directly from suppliers, according to analysts at credit ratings agency Moody’s. In a note published the morning, Moody’s said Next’s credit profile is stronger [...]
Business is better off in the EU – now it’s time to say so January 28, 2016 After a life working in and running large businesses like Marks & Spencer, I have been asked why I wanted to chair the Britain Stronger In Europe campaign. The answer is simple. Nothing is more important for British business at the moment than our place in the European Union being under threat. Being in the [...]
Davos 2016: An outlook as chilly as the setting January 22, 2016 So much for a fourth industrial revolution. It’s an inexorable law of the World Economic Forum that each year’s summit must be more crowded, expensive and pessimistic than the last. Whether it’s robotics, fintech or climate change, you can take your pick of this year’s buzz-themes – many dreamed up with the aid of handsomely [...]
The count is in: These are the retail winners and losers for Christmas 2015 (according to Hargreaves Lansdown) January 15, 2016 After a busy few days chock-full of Christmas retail results, we're finally beginning to get a sense of who the winners and losers of 2015's festive period might be. Yesterday, Tesco surprised investors with better-than-expected results, rounding off a solid performance among the UK's traditional supermarket sector – although Asda is still yet to report. Marks & [...]
What M&S’s new boss Steve Rowe can learn from Sir Alex Ferguson about crafting a winning business January 11, 2016 "It's a bit like being asked to be England football manager… you don’t turn it down.” These were the words of one analyst when Marc Bolland, soon to be former Marks & Spencer chief executive, took the retail hot seat back in 2009. Now, like so many England managers, he departs with a sense that adversity [...]
There’s nowhere to hide for Marks & Spencer’s shop-floor boy turned chief executive Steve Rowe January 8, 2016 It was only a matter of time before Marc Bolland left Marks & Spencer, and with his tenure at the retailer nearing six years, many will be asking how he lasted as long as he did. Under Bolland, times have been tough: general merchandise has been in decline for 17 of the past 18 quarters, [...]
Wall Street sinks and FTSE 100 index closes below 6,000 after another turbulent day in China January 7, 2016 The Dow Jones recorded its worst four-day start to a year on record, following another day of turmoil in China, which also left the S&P 500 on track for its worst start to a year since 1928. The Dow Jones industrial average fell 2.32 percent, to 16,514.1, the S&P 500 dropped 2.37 per cent, and the Nasdaq lost [...]
Marks & Spencer’s share price climbs as chief executive Marc Bolland leaves and Steve Rowe replaces him as trading slumps again January 7, 2016 Marks & Spencer's share price climbed this morning, after revealing chief executive Marc Bolland is leaving the company after yet another period of poor performance. Bolland will be succeeded by Steve Rowe, executive director of general merchandise. He will remain as chief executive and on the board until 2 April, and will remain "available" to Rowe during the handover [...]
Steve Rowe: Everything you need to know about the man replacing Marc Bolland at Marks & Spencer January 7, 2016 Marc Bolland is out. After months (if not years) of shareholders and analysts calling for him to leave Marks & Spencer, the former Morrisons man is hanging up his hat on 2 April. Bolland is handing over to Steve Rowe, an M&S lifer. But Rowe is relatively unknown to the wider world. Here's what you [...]
Next’s share price falls as retailer reports disappointing sales, with warm weather deterring shoppers January 5, 2016 High street giant Next's share price fell this morning after it reported disappointing sales in the run up to Christmas, as the warm weather took its toll alongside growing competition online. The figures Sales over the 60 days to 24 December nudged up 0.4 per cent across the group, with Next Directory growing two per cent, [...]