We inform you that on this website we use our own and third-party cookies to collect information about its use, improve our services and, where appropriate, display advertising by analyzing your browsing habits. You can expressly accept its use by pressing the "ACCEPT" button or configure and select the cookies you want to accept or reject in the settings. You can also get more information about our cookie policy here.

The global fashion business journal

Jul 9, 202010:47am

Marks&Spencer fashion sales shrink 7.8% in first quarter

The British department store has noted a revenue of 1,6 billion pounds (1.9 million dollars) in its first quarter.

Nov 6, 2019 — 4:15pm
mds
Save

Marks&Spencer fashion sales shrink 7.8% in first quarter

 

 

Marks&Spencer slows down against Brexit. The British department store has finished the first half of the year with a drop of 7.8% of its fashion sales, to 1.6 billion pounds (1.9 billion dollars). Like-for-like sales, on the other hand, registered a 5.5% drop between March and September weighed down by the closure of some stores.

 

Steve Rowe, chief executive officer of the British company, explained the drop of fashion sales is due to inconveniences in the supply chain and the lack of stock in some of its stores. However, the executive explained “we are making up for the lost time; we are still in the early stages of our transformation plan, but we are clear about the issues we need to solve,” Rowe explained.

 

 

 

 

The company’s total sales, including the food division, registered a 2.1% drop, to 4.8 billion pounds (5.7 billion dollars). Profit before tax, on the other hand, fell by 17%, to 176.5 million pounds (227.3 million dollars), while net profit stood at 117.1 million pounds (150.7 million dollars), compared to 60.8 million pounds (78.3 million euros) in the same period of the previous year.

 

Last summer, the group rearranged the helm of its fashion division with the departure of until then its fashion director, Jill McDonald. The position was assumed by Steve Rowe. This came after the company simplified the structure of this area with 47 layoffs in the purchasing, marketing and logistics departments and the announcement of the closure of two hundred stores.

Advertising
Participation rules

info@themds.com

 

Validation policy for comments: 

 
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
 
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.

0 comments — Be the first to comment
...