Marks & Spencers like for likes fall
Like for likes down 5.3 per cent “consumer confidence levels have deteriorated markedly and market conditions have become more challenging.”
Sales at its General Merchandise division fell 6.2 per cent, Clothing fell 3.6 per cent while Home sales rose 5.1 per cent.
Sir Stuart Rose, Chairman said “‘In order to meet these challenging market conditions, we need to increase the pace of change on a number of operating and trading initiatives. As a result, Steven Esom, Director of Food, is stepping down from the Board and will be leaving the business with immediate effect. John Dixon, currently Director of Home and M&S Direct, has been appointed Director of Food. John will remain a member of the Executive Committee and will continue to report to me.”
