M&S sales fell again last year but net profit rose and it saw recovery "green shoots" with fashion e-tail up. And a per Una relaunch is coming, as well as plans to address supply issues that have hurt fashion sales.
M&S had some good news Wednesday as it reported more customers, higher e-sales and improved Clothing & Home margins. But all other figures were poor as it spent heavily to force through the change it desperately needs.
M&S has added experienced non-exec directors to its board as it prepares to deliver its latest results, with more store closures expected and potential demotion from the FTSE100 if its share price falls further.
M&S may have seen a lot of change over the past 20 years but it hasn’t really got to grips with the changes that have happened in the retail sector and that’s what’s causing its current woes, says its new chairman.
M&S will focus more on digital sales, speed up store closures and invest in key clothing areas that are its strongest categories it said as it reported a mixed bag of results but hailed the progress it was making.
Changes to M&S's fashion offer and a determination not to discount seem to be paying off. Sales aren't yet where they should be but the turnaround is "on track" and fashion sales should turn positive by year-end
Marks & Spencer made headlines Wednesday morning as profits went into freefall and fashion sales dipped. But a full-price sales rise and other upbeat news meant the turnaround is on track and the share price is rising.