Coronavirus: M&S gives staff 15 per cent bonus April 1, 2020 Marks and Spencer will give frontline staff across its stores and supply chain a 15 per cent bonus for their work during the coronavirus pandemic. The company also said employees that “have caring commitments or who are feeling more vulnerable” are able to be furloughed voluntarily on full pay. The retailer announced this morning that [...]
Coronavirus: Marks & Spencer warns on profit as it considers store closures March 20, 2020 Marks & Spencer issued a coronavirus-related profit warning today and alerted investors it may close stores temporarily amid the UK’s Covid-19 outbreak. Its clothing and home divisions have suffered a big hit already from the UK coronavirus crisis, Marks & Spencer warned. As a result profit could fall below expectations of £440m to £460m. “The [...]
M&S bolsters menswear team after skinny jeans fiasco February 12, 2020 Marks & Spencer (M&S) has appointed a new menswear buying director, after the retailer’s Christmas sales were dented when it ordered too many skinny jeans in the wrong sizes. M&S chief executive Steve Rowe has been battling to turn the clothing and home division around, but total revenue slumped 3.7 per cent in the third [...]
Marks and Spencer appoints new chief financial officer February 11, 2020 Marks and Spencer has announced the appointment of a new chief financial officer, at a time when the group is trying to revive its fortunes. Eoin Tonge will join from Irish convenience food retailer Greencore in June after his predecessor Humphrey Singer stood down in September last year. Marks and Spencer boss Steve Rowe said: [...]
Marks & Spencer shares slip as clothing underperformance weighs on Christmas trading January 9, 2020 Marks & Spencer’s Christmas performance was weakened by poor sales in its menswear business, after the retailer ordered too many skinny jeans in the wrong sizes. The high street chain said it over ordered skinny and slim-fit mens’ trousers, under-bought regular fit jeans and had too many small sizes and not enough medium and large. [...]
Ocado joint venture with Marks & Spencer ‘working well’ December 12, 2019 Ocado has said its joint venture with Marks & Spencer is “working well,” as the retail delivery giant said revenue growth slowed slightly in its latest quarter. The firm saw growth in weekly orders, but stable average order size for the 13 weeks to 1 December. Read more: Ocado sales growth accelerates after Andover fire [...]
M&S shares jump after Goldman Sachs hikes rating December 9, 2019 Shares in Marks & Spencer jumped this morning after investment bank Goldman Sachs hiked its stock rating following improvement in the retailer’s troubled clothing and home division. The company’s share price was up more than four per cent after Goldman Sachs issued a “buy” rating, from its previous “sell” recommendation, in a boost for the [...]
Marks & Spencer hires ex-Tesco exec to fix struggling clothing division November 22, 2019 Marks & Spencer has named a new clothing boss to replace its ousted former head of the struggling division. Tesco’s former F&F clothing chief Richard Price will join as M&S’s new managing director of clothing home after Jill McDonald left the role in July. Read more: Poor clothing sales knock M&S’s half-year profit lower Marks [...]
DEBATE: Will the M&S venture with Ocado turn around its fortunes? November 7, 2019 Will Marks & Spencer’s joint venture with Ocado turn around the struggling retailer’s fortunes? YES, says Adam Vettese, investment analyst at multi-asset investment platform eToro When you think of Marks & Spencer, you think of food. And not just any food, but top-quality food. In fact, food is so important to M&S that it now [...]
Marks & Spencer profit knocked lower by poor clothing sales November 6, 2019 Weak clothing and home sales knocked profit 17 per cent lower at Marks & Spencer in its latest half-year, it revealed today. But the high street chain’s share price led the FTSE risers, climbing up 5.3 per cent to 192.05p, as investors felt it could have been a lot worse as boss Steve Rowe said [...]