Retail News Newsletter Columns Retail Jobs Dictionary Directory Calendar Policies Retail Edge Footprint

Home PageContact Us

Marks & Spencer profit falls
Posted On: 08-11-2011 00:00:00 11

Marks & Spencer reported a profit before tax and one-off items, of Pound 315m, in the 26 weeks to October 1. This is down from Pound 349m in the same period last year. Revenue in this period climbed 2.4% to Pound 4.68 bn.

Like-for-like sales from M&S' British stores fell 0.7% in the second quarter, with a 2.5% drop in clothes, gifts and homewares sales partially offset by a 1% rise in food. This was better than the like-for-like sales that Next achieved in a similar period. But, unlike Next, M&S has a relatively small internet operation, meaning it is more reliant on high street footfall. The company is spending 650m trying to boost its internet operations, along with refurbishing its stores and moving its food offer upmarket.

Marks & Spencer CEO, Mr Bolland warned that customers were increasingly staying in, especially on a Saturday night, rather than spend money on going out - a reason why its upmarket food sales had performed relatively well. Mr Bolland also defended M&S's decision to use performers from the X-Factor to feature in the company's Christmas television advert. The advert has come under fire for being downmarket and targeting customers considerably younger than M&S's core customer, who is on average over 45. The chief executive said the adverts aimed to catch the attention of all those consumers staying in on a Saturday night.

 
 
 

SocialTwist Tell-a-Friend

 

Want more stories delivered to your inbox?
Please sign up here for our free newsletter.

 
retail india Related News retail industry india
retail news videos on retail industries
Abercrombie & Fitch to shut 60 stores
QSR chains lean on travel retail to overcome slowing same-store sales
Morgan Stanley marks down Flipkart shares value by 27%
Walmart closed 269 stores expects flat sales growth
Q3 (2015-16) : Jubilant FoodWorks same store sales growth up 2%
retail stores
retail policies
retail suppliers retail classes retail news
retail policies retail news retail india
retail training Current Newsletter retail industry
retail suppliers retail industry growth retail slowdown
retail policies retail news retail india
retail training (FY 2015 - 16) 3rd Quarter Results retail industry
retail suppliers retail industry growth retail slowdown
retail policies retail news retail india
retail training Search News retail industry
retail suppliers retail industry growth retail slowdown
latest retail news in your mail

retail industry



 
retail news
About Retail Angle   |  The Team  |  User Agreement   |  Privacy Policy  |  Advertise with Us  |  Feedback  |  Site Map  |  Contact us 
retail industry

indian retail