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11/07/2001
MARKS & SPENCER REPORT FURTHER SALES SLUMP
UK retailer Marks & Spencer has reported a 9.1 per cent slump in clothing sales during the 14 weeks up to 7 July.
This represents a further decline since the company's last update when sales fell in the same area by 6.5 per cent.
However, on a more positive note the company’s food sector showed continued profitability with a 5.9 per cent - or 4.8 per cent excluding new or extended stores - rise in sales.
Total sales for the period fell by 2.6 per cent, while like-for-like sales dropped by 3.4 per cent over the same period.
The results are likely to put pressure on chairman and chief executive, Luc Vandevelde, who has threatened to resign next May if there is no sign of a turnaround. Mr Vandevelde is now expected to face criticism from shareholders at its AGM in London. (MB)
This represents a further decline since the company's last update when sales fell in the same area by 6.5 per cent.
However, on a more positive note the company’s food sector showed continued profitability with a 5.9 per cent - or 4.8 per cent excluding new or extended stores - rise in sales.
Total sales for the period fell by 2.6 per cent, while like-for-like sales dropped by 3.4 per cent over the same period.
The results are likely to put pressure on chairman and chief executive, Luc Vandevelde, who has threatened to resign next May if there is no sign of a turnaround. Mr Vandevelde is now expected to face criticism from shareholders at its AGM in London. (MB)
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