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.”
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.
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