Monday July 13, 2020

Marks & Spencer hit by poor clothing sales

Marks & Spencer said general-merchandise chief Kate Bostock will step down after reporting the biggest decline in non-food revenue since 2008.

10th July, 2012
“M&S’s problems in women’s wear go far beyond the weather," said one analyst.

Marks & Spencer Group, Britain’s largest clothing retailer, said general-merchandise chief Kate Bostock will step down after reporting the biggest decline in non-food revenue since 2008.

Same-store sales of general merchandise, which is mostly clothing, slid 6.8 per cent in the first quarter ended June 30th, the London-based company said today in a statement. That compares with the median estimate of 11 analysts for a 6.5 per cent decline. Britain’s double-dip recession and record...

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