Marks & Spencer to record 1.5% fall in clothing sales
UK's leading high street retailer, Marks & Spencer is expected to record a fall of 1.5 per cent in clothing sales during 13 weeks till June compared to a fall of 4.1 per cent during the same period of the previous year indicating that the sales are beginning to stabilise.
Chief executive Marc Bolland has been trying to turnaround the company and is under pressure to show that his plan for the company is working as the decline slows and company's food business rise in the UK. Bolland has constituted a new team including former Debenhams boss Belinda Earl to help turn around the company and come out with a strong autumn/winter range, which has already won strong reviews form the fashion world.
The retailer's pre-tax profits fell to £665 million in the previous year and market analysts are expecting the profits to increase to about £675m this year helped by a strong performance from its food division. Marks & Spencer's food division is outperforming Britain's major supermarkets and providing a much needed boost to the entire company. Analysts believe that M&S will report a 1.6pc rise in food sales for the 13 weeks to 29 June, 2013.