×
603
Fashion Jobs
ASIANLAK HEALTH FOODS LTD.
Area Sales Manager
Permanent · Jalandhar
GIRNARSOFT EDUCATION SERVICES PRIVATE LIMITED
Interview || Area Sales Manager || Collegedekho.Com || s. India
Permanent · Chennai
GENESTORE INDIA PRIVATE LIMITED
Area Sales Manager/ Business Development Executive-Mumbai
Permanent · Mumbai
ANAND RATHI
Cluster Head/ Area Sales Manager
Permanent · Chennai
PROPERTYXPO.COM
Area Sales Manager| Real Estate Portfolio Management | Gurgaon
Permanent · Gurugram
MAHALAKSHMI PROFILES PRIVATE LIMITED
Area Sales Manager
Permanent · Hyderabad
ARCHANGEL HR SOLUTIONS
Consultant Planning, Merchandising, Sourcing
Permanent · Chennai
KARADI PATH EDUCATION COMPANY PRIVATE LIMITED
Senior Area Sales Manager - Karadi Path Education Company
Permanent · Chennai
SENSO FOODS PRIVATE LIMITED
Area Sales Manager/sr. Sales Executive For "Corporate Sales"
Permanent · Ahmedabad
ALGOR SUPPLYCHAIN SOLUTIONS PRIVATE LIMITED
Hiring For Sales Manager in Logistic co| Hyderabad | Goa
Permanent · Bengaluru
A2V INSURANCE BROKERS PRIVATE LIMITED
Area Sales Manager
Permanent · Ludhiana
VIKRAM TEA PROCESSOR PVT LTD
Area Sales Manager
Permanent · Mumbai
BHARTI AIRTEL LIMITED
Territory Manager- Dth Sales -Namakkal
Permanent · Namakkal
ARKRAY HEALTHCARE PVT. LTD
Opening For Medical Business Manager(mr)- Delhi Chennai & Bangalore
Permanent · Chennai
PUMA
Studio Operations Manager
Permanent · Bengaluru
SHASHA GABA
Fashion Consultant
Permanent · NEW DELHI
ELICO LIMITED
Requirement For Production Manager
Permanent · Hyderabad
FINO PAYMENTS BANK
Territory Sales Manager - Merchant & Distributor Onboarding - up
Permanent · Faizabad
FINO PAYMENTS BANK
Territory Sales Manager - Merchant & Distributor Onboarding - up
Permanent · Mahoba
ELECTRONICA FINANCE LTD
Area Sales Manager - Machinery Loan(Delhi ,Faridabad & Ghaziabad)
Permanent · Faridabad
IOTECHWORLD AVIGATION PVT LTD
Production Manager Engineer (Design & Development)
Permanent · Gurugram
CLASSIC SEARCH PVT LTD
Manager Production
Permanent · Bengaluru
By
Reuters
Published
May 21, 2013
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Marks & Spencer posts second straight fall in year profit

By
Reuters
Published
May 21, 2013

LONDON - British retailer Marks & Spencer posted its lowest annual profit since 2009 on Tuesday as a struggling clothing and homewares division dragged on growth in food sales.

The 129-year-old firm, which serves 21 million shoppers a week from over 700 UK stores, said it made a profit before tax and one-off items of 665.2 million pounds in the year to March 30, a second straight fall.

The outcome compares with analyst forecasts of 640-670 million pounds, with a consensus of 658 million pounds, according to a poll published on the company's website, and is a decline on the 687.2 million pounds made in 2011-12.

Group sales rose 1.3 percent to 10.0 billion pounds.

M&S, whose shares have risen 30 percent over the past year after periodic bouts of bid speculation, kept its annual dividend at 17 pence a share.

The group forecast "underlying profit improvement" in the 2013-14 year but cautioned it expected to incur about 30 million pounds of non-recurring dual-running costs, as a result of the transition to a new web platform and the opening of a new distribution centre in Castle Donington, central England.

Many UK retailers are finding the going tough as consumers, whose spending generates about two-thirds of UK gross domestic product, fret over job security and a squeeze on incomes.

M&S's profit fall, which reflected seven consecutive quarters of underlying sales declines in general merchandise, will likely impact the performance-related annual bonus of Chief Executive Marc Bolland.

Shares in M&S hit a five-year high last week after its clothing strategy update and eagerly awaited autumn/winter ranges were well received by analysts and the fashion press.

Bolland, CEO since May 2010, is under pressure from investors to revive M&S's clothing, which has been losing market share to firms like Primark and Debenhams.

The autumn/winter ranges are widely seen as make-or-break for a new general merchandise team, assembled by Bolland and led by John Dixon, the former boss of M&S's food business, and Belinda Earl, the former CEO of Debenhams and Jaeger.

Bolland has repeatedly said the new team will not make a major impact on sales until the ranges start hitting the shops in late July.

M&S said trading over the first seven weeks of the new financial year had been in line with its expectations.

For 2013-14, it forecast gross margin growth of 30-50 basis points and a 3.5 percent rise in operating costs.

Group capital expenditure (capex) was forecast at 775 million pounds, a reduction on previous guidance of 850 million.

From 2014-15 M&S expects capex to fall to about 550 million pounds versus previous guidance of 600 million.

Shares in M&S closed on Monday at 451 pence, valuing the business at 7.28 billion pounds.

© Thomson Reuters 2021 All rights reserved.