Marks & Spencer is preparing to defend clothing to shareholders July 7, 2014 Marks & Spencer boss Marc Bolland is expected mount a vigorous defence of his turnaround strategy today and insist that its clothing arm is on the mend, despite analysts expecting another fall in general merchandise sales. The retailer is likely to face a grilling from shareholders attending the annual general meeting at Wembley stadium over [...]
Marks & Spencer reshuffles the pack to bring together website and buildings June 30, 2014 British retailer Marks & Spencer yesterday announced that it would increase the responsibilities of the five key executives under chief executive Marc Bolland as part of a restructuring of its management team aimed at driving greater accountability. As part of the reshuffle, M&S announced that its international director Jan Heere had quit and that [...]
M&S’s Swannell to help the state sell off assets May 27, 2014 ROBERT Swannell, the chairman of Marks & Spencer, is to become the chair of the Shareholder Executive as the government body gears up for more privatisations and restructuring this year. Swannell, who joined the Shareholder Executive as a non-exec in January, will take over from Patrick O’Sullivan, who is leaving after two and a half [...]
M&S warns new website will hit clothing sales May 20, 2014 MARKS & Spencer warned yesterday that the launch of its new website will deliver a further blow to its already fragile general merchandise sales, as the high street retailer reported a third year of falling profits. Chief executive Marc Bolland admitted the website “will take four to six months to be at full strength” as [...]
M&S profit falls less than expected as Bolland stresses step by step approach May 20, 2014 Marks and Spencer has reported a fall in profits for the third year in a row: in the year ended in March, the store saw a 3.9 per cent decrease in underlying pre-tax profit, to £623m. That is, however, considerably better than the 7.5 per cent drop analysts have been predicting. Pressured chief executive Marc [...]
Suitmaker Bagir crashes after M&S slashes orders from firm May 15, 2014 ONE OF the country’s biggest listed menswear suppliers crashed nearly 70 per cent in trading yesterday after its largest customer, Marks & Spencer, signalled a reduction in orders for the firm. Bagir Group, which floated last month, was forced to issue a profit warning due to the reduction in M&S orders, sending shares down 68 [...]
Marks & Spencer recruits Silicon Roundabout entrepreneurs for new website May 1, 2014 MARKS & Spencer has been recruiting Silicon roundabout’s finest to help develop its new website and to help lure the 19m customers a year who shop in its stores but do not use its website. The 130 year-old high street retailer broke away from its technology supplier Amazon and launched its own custom-built £150m [...]
Discounts weigh on M&S despite rise in clothing April 10, 2014 MARKS & Spencer’s revamped womenswear collection, which has been fronted by stars including Dame Helen Mirren, showed signs of recovery in the fourth quarter despite overall general merchandise sales falling for an 11th consecutive quarter. The high street giant yesterday split clothing sales from other non-food sales for the first time, revealing a 0.6 per [...]
Bolland’s bought more time, but what does M&S need now? April 10, 2014 The trading update from high street staple Marks & Spencer has been described by stockbroker Shore Capital as “frankly, quite mellow”. The encouraging figure was for clothing sales, which rose 1.3 per cent and 0.6 per cent on a like-for-like basis in the first quarter of 2014. The group reported sales up 1.9 per cent, [...]
M&S sees clothes sales rise but Bolland still cautious April 10, 2014 A glimmer of hope for high street store Marks & Spencer. The retailer’s reported that clothing sales rose 1.3 per cent in the first part of 2014, up 0.6 per cent like-for-like. General merchandise saw group sales up a modest 0.2 per cent in the 13 weeks to the end of March, but still declining [...]