SUMMARY
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LONDON, United Kingdom – British high street mainstay Marks & Spencer announced an unexpectedly deep slump in clothing sales over the Christmas period.
The retailer suffered a 3.8% fall in sales of non-food items in the 13 weeks up until December 29, leading to a worse-than-expected 1.8% fall in overall like-for-like sales.
Chief Executive Marc Bolland admitted in a statement that the non-food sales results were “not yet satisfactory.”
He added that measures being taken by the new management team “will address” the weak figures.
“Our plan is to transform Marks & Spencer from a traditional UK retailer to an international multichannel retailer. We are making good progress against this plan,” he explained. – Agence France-Presse
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