Britain's Marks & Spencer shows pain of latest turnaround with 10% profit fall
LONDON - Marks & Spencer asked to be judged on how fast it is changing as much as its financial results on Wednesday, as the British clothing and food retailer reported a third straight drop in annual profits.
“Our ambition is not to tweak the short term numbers ... our ambition is to be Britain’s fastest changing retailer. We’re well on the way to achieving that,” said Norman. However, M&S shares were down 8.6% at 1425 GMT, extending year-on-year losses to 14%, as it also announced the terms of a discounted rights issue to partly fund a joint venture with online grocer Ocado that was announced in February.
A decade ago, it made a profit of 1 billion pounds and prior to Wednesday’s update analysts were forecasting another fall in the 2019-20 year.Adjusting for this year’s later Easter, fourth quarter like-for-like food sales were up 0.4%, while food sales by volume were up for a second straight quarter as M&S cut prices and broadened its range to appeal more to families.
“This is a neat microcosm of M&S right now: one step forward, one step back ... M&S needs to keep its nerve, this is the right direction,” said analysts at Peel Hunt. FILE PHOTO: Shoppers walk past at a branch of the British clothing and food retailer Marks and Spencer on Oxford Street in London, Britain, January 3, 2019. REUTERS/Toby Melville/File Photo
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