Reshuffle as Marks and Spencer’s sales fall 5.3%
Last updated 11:41, Thursday, 03 July 2008
MARKS & Spencer sales in the UK dropped 5.3 per cent in the past three months.
Its food business, which is heavily advertised on TV, was worst hit.
The firm blamed a slide in consumer confidence.
The director of its food business is leaving the firm immediately as part of a management reshuffle.
M&S said that general merchandise sales had lost ground, but were in-line with the downturn seen by competitors.
The firm had expressed caution about consumer sentiment in May, when it said there had been a “mixed” start to its 2008/9 financial year.
But chairman Sir Stuart Rose said that since then, “consumer confidence levels have deteriorated markedly and market conditions have become more challenging”.
He added: “Four years ago, M&S was a weak business in a strong market. Today, we are a strong business in a weak market.”
