Management Feeling The Pressure As Marks & Spencer Ails
It's been eight consecutive quarters of falling sales, and stockholders are fed up. If Marks & Spencer's management don't get a product moving that changes the trends, the fashion industry giant is in serious trouble and the stockholders know it. Hope is not lost, however, and the fashion retailer's management is shelling out new ranges with great prospects in the hopes of avoiding that dreaded ninth and possibly final quarter.
British retailer Marks & Spencer posted an eighth consecutive quarterly fall in underlying sales of clothing, piling pressure on management to deliver a swift turnaround when new ranges start hitting the shops this month.
Chief Executive Marc Bolland, who later on Tuesday will face shareholders angered by two years of falling profit at the firm's annual meeting at London's Wembley Stadium, is pinning his hopes on a new clothing strategy based on more stylish and higher-quality garments.
Autumn/winter ranges were unveiled in May by his new general merchandise team, led by former M&S food boss John Dixon, and received mostly positive reviews from analysts and the fashion press. (Read More)