Money M&S signals more store closures in shake-up

15:10  09 november  2017
15:10  09 november  2017 Source:   Sky News

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An outturn of £219.1 m , then, came as a pleasant surprise to investors, even if it did represent a drop of 5.3% on the same period last year. There was another pleasant surprise in the clothing performance - long the Achilles heel for M & S . :: M & S signals more store closures in shake - up .

The chain said it was stepping up its transformation efforts across M & S in a bid to return the company to its former glory as the darling of UK retail, with priority placed on a digital-first approach. (c) Sky News 2017: M & S signals more store closures ahead in transformation plan.

M&S has struggled to grow fashion sales for years © Getty M&S has struggled to grow fashion sales for years

Marks and Spencer has signalled it is to accelerate store closures as it bids to make "significant" cost savings and "reshape" the business.

The chain said it was stepping up its transformation efforts across M&S in a bid to return the company to its former glory as the darling of UK retail, with priority placed on a digital-first approach.

Shares in the retailer were volatile in response to the news - contained within its half-year results.

After opening more than 4% higher on the FTSE 100 the stock later fell back sharply - down almost 3% at one stage - after M&S admitted in a call with analysts that the clothing and food markets had been "difficult" during October ahead of the core Christmas season.

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Did they need to shake up their fashion for younger audience??' Others supported the move towards the brand operating more food-only stores , criticising the Sign of the times: Britain’ s biggest clothing chain will use Tuesday’ s half-year results to signal the closure of a raft of shops around the globe.

Marks & Spencer to close dozens of high street stores in business revamp. Yesterday, it emerged that M & S is planning to dump some of its international stores Comments. Most Popular. Up in smoke. Dragons' Den reject who 'snubbed £90 m offer' forced to sell home and £50k Audi. Exclusive.

They were 1% higher in early afternoon trading.

Underlying trading profits in the six months to 30 September were 5.3% down.

Only 30% of M&S customers buy both clothing and food on a trip to a store, and the company hopes to get more shoppers to look at both categories © Getty Only 30% of M&S customers buy both clothing and food on a trip to a store, and the company hopes to get more shoppers to look at both categories M&S reported a fall in like-for-like sales in its traditionally strong food division and also its clothing and home operation - with sales coming in 0.1% down and 0.7% lower respectively.

It said its food side had seen tougher competition and damage to profit margins from the Brexit-hit pound, with total revenue growth of 4.4% driven by 24 new food store openings.

It said its embattled clothing arm, which has dragged on its financial performance for years, had done better in the second quarter thanks to a focus on improved products at lower prices.

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Marks and Spencer has announced a far-reaching store closure programme affecting one in 10 of its clothing stores in the UK and many more overseas, as the company battles to turn itself round after years of market share losses.

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Nevertheless, it announced plans to shut more clothing stores in areas where they were less profitable.

M&S did not give any details but signalled that any job losses would be minimal as its first 30 UK clothing store closures, announced a year ago as part of chief executive Steve Rowe's drive to bolster profitability, had seen staff affected mostly being redeployed.

Steve Rowe © Reuters Steve Rowe Mr Rowe said on Wednesday: "We have made good progress in remedying the immediate and burning issues at M&S I outlined last year."

He added: "The business still has many structural issues to tackle as we embark on the next five years of our transformation, in the context of a very challenging retail and consumer environment.

"Today we are accelerating our plans to build a business with sustainable, profitable growth, making M&S special again."

M&S said that while it would slow openings of new food-only stores, it still planned to launch another 80 Simply Food shops over the current financial year.

It also confirmed a story by Sky News on Tuesday that finance chief Helen Weir was leaving the business to pursue what it called a "plural career".

Laith Khalaf, senior analyst at Hargreaves Lansdown, said of the company's update: "This is not a pretty set of results for M&S, which has seen its turnaround plan undermined by changing consumer shopping habits and a weaker pound.

"While the retailer can't carry the can for the knock-on effects of the Brexit vote, the prioritisation of online sales can only be seen as a pretty late arrival at the party."

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