M&S Sales Fall Short
By Laura Elliott.
Upmarket retailer Marks and Spencer have reported a drop in sales around the same time a shake-up in management has been implemented. The news follows a number of stock issues for the chain, and a slump in clothing sales due partly to the unseasonal wet weather.
The company’s like-for-like sales have registered a fall of 2.8% between April and June this year, and total group sales have fallen by 0.7%. In the food business, however, Marks and Spencer’s sales have risen by 0.6%.
Meanwhile, the head of general merchandise, Kate Bostock, has left the chain. She will be replaced by John Dixon, the current head of the M&S food business. Steve Rowe, currently the director of retail, will replace Mr. Dixon in his role.
As reported by BBC News, shareholders in the retail chain have, by 96%, supported pay packages for senior management. Those who represented 95% of shares also voted to re-elect Marc Bolland as the retailer’s chief executive.
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