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Text size [+][-]  Saturday November 21 2009GLOBAL EDITION

Considered view
01 Jul 2009 12:14

Calm before the storm

By Rachel Sanderson

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Marks and Spencer, the UK’s largest clothing retailer, said underlying like-for-like sales fell 1.4% in the 13 weeks to June 27. In general merchandise, underlying sales fell 2.4% while underlying food sales fell 0.5%.

Sir Stuart Rose, its executive chairman, reiterated that gross margin would be squeezed by 125 basis points to 175 basis points during the fiscal year as a result of price promotions.

M&S will hold its annual general meeting on July 8. The Local Authority Pension Fund has tabled a motion for Rose to accelerate the appointment of a chief executive.
The UK retailer’s sales are declining at a slower pace. That feels like an achievement mainly because sales were falling so rapidly last year. Moreover, the whole sector is benefiting from warmer consumer sentiment. Boss Stuart Rose would be wrong to think the pressure’s off.

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