14/04/2004
M&S recovery in doubt after sales slide
Marks & Spencer's UK woes continued today with worse than expected fourth quarter trading figures throwing into doubt the group's recovery plans.
Though M&S said that profits were likely to be in line with "market expectations," the group's fourth quarter results, for an 11-week period to March 27, revealed like-for-like total sales were down by 3.4%.
The general and food departments fared particularly badly in the last quarter, down 5.2% and 1.4% respectively (like-for-like), but the home department currently being overhauled fared worse with a dip of 13.7% in actual sales. M&S also reported that clothing sales were down by 1%.
Commenting on the interim results, Roger Holmes, Marks & Spencer Chief Executive, said: "Sales this quarter are clearly not good enough. We are taking action on a number of fronts to accelerate the transformation of the business and deliver improved performance. These include delivering greater consistency in the appeal of our Womenswear, more inspirational stores and sharpened execution. At the same time, we are driving improvements in the way we work across stores, Head Office and the supply chain."
In relation to the group's home retail department, down 13.7% in the fourth quarter, Mr Holmes added: "Sales continue to be affected by the on-going repositioning of our offer, as we seek to broaden our appeal to more customers. We opened the first pilot Marks & Spencer Lifestore in February. We are delighted with the interest it has generated, but it is early days and we look forward to the opening of the second store, in Kingston, during the Summer."
Marks & Spencer said that the company would be embarking on an urgent improvement programme to keep pace with the changes in the retail market sector.
M&S shares dipped 5% in morning trading following the announcement of the results.
(SP)
Though M&S said that profits were likely to be in line with "market expectations," the group's fourth quarter results, for an 11-week period to March 27, revealed like-for-like total sales were down by 3.4%.
The general and food departments fared particularly badly in the last quarter, down 5.2% and 1.4% respectively (like-for-like), but the home department currently being overhauled fared worse with a dip of 13.7% in actual sales. M&S also reported that clothing sales were down by 1%.
Commenting on the interim results, Roger Holmes, Marks & Spencer Chief Executive, said: "Sales this quarter are clearly not good enough. We are taking action on a number of fronts to accelerate the transformation of the business and deliver improved performance. These include delivering greater consistency in the appeal of our Womenswear, more inspirational stores and sharpened execution. At the same time, we are driving improvements in the way we work across stores, Head Office and the supply chain."
In relation to the group's home retail department, down 13.7% in the fourth quarter, Mr Holmes added: "Sales continue to be affected by the on-going repositioning of our offer, as we seek to broaden our appeal to more customers. We opened the first pilot Marks & Spencer Lifestore in February. We are delighted with the interest it has generated, but it is early days and we look forward to the opening of the second store, in Kingston, during the Summer."
Marks & Spencer said that the company would be embarking on an urgent improvement programme to keep pace with the changes in the retail market sector.
M&S shares dipped 5% in morning trading following the announcement of the results.
(SP)
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