M&S expected to reveal weak non-food sales July 8, 2012 RETAIL giant Marks & Spencer (M&S) is expected to announce weak first-quarter sales at its annual meeting tomorrow, after clothing sales were hit hard by the poor weather. A consensus forecast of 12 analysts compiled by the company predicts a 6.7 per cent drop in clothing and homeware sales compared to the same period last [...]
It’s not just any sales fall, it’s an M&S sales fall July 8, 2012 MARKS & SPENCER’s trading update tomorrow is likely to suggest that the high-street stalwart has been particularly weather-beaten in the first quarter of the year. Not only in the face of the wettest spring on record – which it is expected to blame for a 6.7 per cent decline in non-food sales – but also [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 28, 2012 FINANCIAL TIMES Bostock poised to leave M&S Kate Bostock, the head of all of Marks and Spencer’s non-food business, including clothing, is poised to leave the high street retailer. Ms Bostock’s departure could be announced at M&S’s annual meeting on July 10, or possibly sooner. The expected departure of Ms Bostock, who has been with [...]
Stuart Rose takes the chair of discount fashion store Blue Inc June 17, 2012 SIR STUART ROSE has become chairman of the fast-growing discount fashion chain Blue Inc, taking up his first major corporate role since leaving retailer Marks & Spencer 18 months ago. Rose takes the role after investing a small amount of his own money in Blue Inc last year, following a larger investment from the billionaire [...]
Float looms for growing Metro June 10, 2012 UPSTART lender Metro Bank wants to open seven new branches by the end of this year after completing a £126m capital raising. The high street bank also said it aims to float within two years as its investors consider a lucrative exit. Hedge fund Moore Capital and billionaire investor Steve Cohen are believed to have [...]
M&S to introduce in-store banking service June 8, 2012 Retailer Marks & Spencer said it plans to launch an in-store banking service next month, backed by Europe’s biggest bank HSBC. The group said 50 M&S Bank branches will open in M&S stores across the UK over the next two years, with the first branch scheduled to open in July at its flagship Marble Arch [...]
Sainsbury and M&S chiefs see bonus slashed June 7, 2012 SAINSBURY chief executive Justin King and Marks & Spencer boss Marc Bolland have both seen their bonuses cut after failing to meet targets, as the recession forced them to slash growth plans. The cuts come amid a recent wave of shareholder upheaval against excessive executive pay which has swept across boardrooms including Aviva and Inmarsat. [...]
M&S prepares to launch bank June 7, 2012 UPMARKET retailer Marks & Spencer is set to launch a retail bank in its stores, the firm is expected to announce today. Initially it aims to launch the service in its Marble Arch branch, with plans to expand to up to 50 outlets before the end of the year. Starting with current accounts, it is thought that [...]
Bonuses slashed at Sainsbury’s and M&S June 7, 2012 The chief executives of major retailers J Sainsbury and Marks & Spencer have both taken cuts in their bonuses after failing to meet targets and as recession forces them to scale back growth plans. Philip Clarke, head of rival Tesco, last month forewent his annual bonus, paying the price for a weak performance in the [...]
£140m deal for Makro UK will boost Booker May 30, 2012 FOOD wholesaler Booker aims to turn around the loss-making cash and carry firm Makro UK after taking it off the hands of German retailer Metro in a £140m deal. It will hand Metro £15.8m and a 9.99 per cent stake in Booker as the two firms agree to work together on improving their supply chains [...]