A two-speed high street January 9, 2014 A CLEAR split between Britain’s winners and losers in the battle for consumers’ cash this Christmas emerged yesterday, as three of the biggest retail chains revealed worse-than-expected trading. Poor results from Tesco, Morrisons and Marks & Spencer added to dreary updates from Sainsbury’s and Mothercare, with heavy discounting, weak consumer spending and the rising discount [...]
M&S boss Marc Bolland defends Xmas discounts January 9, 2014 MARKS & SPENCER chief executive Marc Bolland yesterday denied that the retailer had sparked this Christmas’s frenzied discounting as the chain’s clothing sales fell for a 10th consecutive quarter. The high street bellwether said like-for-like general merchandise sales, which include homeware and clothing, dropped by 2.1 per cent in the 13 weeks to 28 December. [...]
Bottom Line: CEO’s survival will depend on a revolution January 9, 2014 YESTERDAY marked a very unwelcome milestone for Marks & Spencer’s boss Marc Bolland. Three-and-a-half years into the job, the former Morrisons chief exec has clocked up his 10th successive quarter of declining clothing sales, leaving investors waiting for his promised turnaround yet again. That they’re giving him more time – as evidenced by yesterday’s 3.6 [...]
London Report: William Hill and retailers weigh the FTSE down January 9, 2014 BRITAIN’S FTSE 100 fell yesterday and underperformed shares in southern Europe, as a rise in the pound against the euro hampered prospects for the index’s exporters and most retailers fell after weak Christmas updates. The FTSE erased gains in the afternoon as the pound rose to its highest in a year against the euro on [...]
M&S Christmas trading blighted as clothes sales continue to fall January 9, 2014 No belated Christmas cheer for Marks and Spencer – the group's just reported that like-for-like sales in the 13 weeks to 28 December were down 2.1 per cent. The quarter, it said this morning, was a challenging one, and performance was below expectations. Sales in general merchandise, which includes clothes, fell for the tenth quarter [...]
M&S investor piles pressure for cash return January 7, 2014 MARKS & Spencer shareholders are putting pressure on the high street retailer to buy shares or increase its dividend, as the City braces itself for a gloomy trading update tomorrow. One top 20 investor told City A.M. “There is some pressure on management somewhat given that we are at the end of the turnaround strategy [...]
Marks & Spencer hit by analyst downgrades to profit forecasts January 6, 2014 MARKS & Spencer was dealt a further blow after two city brokers slashed their full-year profit forecasts for the embattled retailer, sending shares lower yesterday. Analysts at house broker Citigroup cut their full-year profit forecast by £10m to £630m after a gloomy trading statement from rival Debenhams last week, and amid fears of heavy discounting [...]
Land Securities plots designer outlet at the O2 January 6, 2014 THE O2 arena could become one of London’s top shopping destinations after Land Securities began talks with its owner to open a designer outlet centre on the site. The property giant has signed a six-month exclusivity agreement with AEG Europe to explore options for creating a designer outlet scheme in an unused part of the [...]
M&S sales lose their shine after poor Christmas January 6, 2014 MARKS & Spencer is set to report poor festive trading this week as heavy discounting activity in the run-up to Christmas failed to spark a late surge in spending. Analysts predict the retailer will report a drop in third quarter general merchandise sales of as much as 1.5 per cent, despite a highly publicised revamp [...]
Bottom Line: From wardrobe staple to the bargain bin January 6, 2014 AS WE wait for the Marks and Spencer Christmas trading figures later this week, expectations are that its fashion sales won’t show much sign of festive cheer. If so, it needs to start the new year with a long, hard look in the mirror. It is true that general conditions won’t have helped: figures from [...]