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MARKS & SPENCER: clothing sales slumped in Q1

BRITISH distribution giant Marks & Spencer reported first quarter results that showed an 8.3 per cent slump in sales of Clothing & Home products. In like-for-like terms the decline was 8.9 per cent. CEO Steve Rowe said: “These are not the numbers I want to see by any stretch but they are the numbers I expected to see. M&S’s clothing prices have been too high and too promotional with shoppers trained to wait for special offers before buying anything. Last year, more than 40% of its clothing was sold on promotion. I’ve been clear we must break this cycle because it is damaging our business.”

Marks & Spencer

Marks & Spencer

Whether the steps to be taken to solve the problem will undermine the chain’s position as market leader for lingerie sales remains to be seen.

 

See also :

MARKS & SPENCER : burkinis added to ssortment

MARKS & SPENCER : tops UK loyalty index

MARKS & SPENCER : premium label boosts sales

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