Marks & Spencer's boss, Steve Rowe, said a new management team had left yönetim something that had never been moved genç because of the yiyecek every aspect etmek of the clothing and food stores that were struggling to appeal for young clothes.
After unsuccessful attempts to revive the street giant more than a decade ago, Rowe made an overall assessment of the chain's problems as he recorded a small increase in his first half. The clothing line had an yap aging ”customer base and dated stores, while the food halls were very expensive and it turned out that shoppers were ve confusing” promotions.
. We leave an irreversible stone against the background of fundamental structural change in our industry, Row said Rowe. Pazarlama Every aspect of our range – how we trade, our supply chain, and our marketing – is undergoing review and change. Trust me, we're going so fast. "
The group's comments came in that the pre-tax profits rose 7.1% from six months to 29 September and reached £ 126.7 million. However, group sales fell by 3.1 percent to £ 5 billion, closing 24 stores as part of a plan to undermine 100 branches by 2022. M & S's share price fell by 0.5% to 300 points.
The profit was displaced at a cost of about 100 million pounds, about half of which was related to store closures. More than £ 11.1 million completed a management business as the retailer dealt with a corporate culture that was "siled, slow and hierarchical."
In the absence of a sign of recovery, Archie Norman, a return expert who would assume the presidency a year ago, insisted that M & S was ecek something really starting başkanlık; "be.
Norman said, çıkmak Many of them are behind the scenes, blocking and struggling, and the supply chain, oğu dealing with a backward legacy Norm. “Steve [Rowe] Donald Trump was probably declaring today's results a great personal victory, but it's not really what we see. "
Clothing sales in stores that have been open for more than a year have decreased by 1.1% due to the weak stock levels in popular styles. M & S recently hired the ready-to-wear apparelist Holly Willoughby to select the must-haves they would wear during the season, but some of the clothes he had chosen, such as 49,50 leopard print suits, were sold in several sizes in hours.
Don We're saving customers from usability, “he said last year to direct Jill McDonald to Halfords for business. Uz We have some good products in this season, and the intervals are improving, but we're still in a position to buy too much. [clothing] lines. The range is very wide and shallow. "
The next season M & S will get more clothes and trousers in sizes from 8 to 14, but announced less in 16 and less to improve stocks.
M & S did not ignore about one third of the 1,029 stores prior to the second world war, and some are on high streets. Rowe, we're not gonna stop at 100. We have to make sure that M & S is relevant and future-proof. M
The retailer also offers unloading options for more than 80 of its old stores.
M & S 's previous trusted food businesses also face a similar sales problem with a decline of 2.9% in a competitive market. Rowe said food halls have become os overly addicted ”to very attractive purchases, such as short-term promotions and popular but non-profit çok Dine In Row.
He wants more families to shop regularly in their supermarkets, and the new food boss, Stuart Machin, offers more packages, making the prices of popular food such as chicken and beefburgers more affordable.
Tom Stevenson from Fidelity Personal Investing, 39 Reading the results of M & S, like taking a cold shower. The company is brutally honest about the big challenge it faces. Sales are still declining, and fixed profits are not a bad result. "