Group revenues for the 26 weeks to 29 September fell by 3.1 per cent to £4.96 billion at Marks and Spencer which was blamed in part on the impact of store closures and the timing of Easter. Like for like sales in clothing and homewares were down by 1.1 per cent with food down by 2.9 per cent. Revenues had also decreased overseas following the sale of its Hong Kong business.
Steve Rowe, CEO said: “In May I set out in our “Facing the Facts” presentation the challenges we face and the steps we are taking in this first phase of our transformation programme. Against the background of profound structural change in our industry, we are leaving no stone unturned and reshaping our business, its organisation and culture.
“We are on track to restructure our store portfolio with over 100 full-line closures and expect to see newly remodelled stores open next year. We are fixing the basics of our online channel and there are very early signs of improvement. Every aspect of our ranges, how we trade, our supply chain and marketing is undergoing scrutiny and change.”
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