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

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01 Jul 2009 12:14

Calm before the storm



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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.

Marks and Spencer: 


rachel.sanderson@breakingviews.com

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