Marks & Spencer PLC shares down by 5.3 percent in Q1
Shares in British food and clothing retailer Marks & Spencer PLC plummeted Wednesday after the the sales fell 5.3 percent in the first quarter.
By Agencies |
LONDON: Shares in British food and clothing retailer Marks & Spencer PLC plummeted Wednesday after the company reported that like-for-like sales in its home market fell 5.3 percent in the first quarter.
Shares were down 21.9 percent at 248.5 pence (US$4.97) in early trading on the London Stock Exchange.
M&S said group sales for the 13 weeks ending June 28 were up 1.3 percent, and international sales gained 24.5 percent.
But in Britain, general merchandise sales slumped 6.2 percent on a like-for-like basis and food sales fell 4.5 percent.
The company said Steven Esom, who had been director of food, was stepping down from the board and will be leaving the business with immediate effect.
``We expect market conditions to continue to remain difficult and we are managing our business accordingly,'' said chairman Stuart Rose.
``As we said in May, tight stock control and management of costs are a priority. We continue to expect gains in bought-in margin, although the outrun on gross margin is difficult to predict and will depend on market conditions and our trading stance.''
Shares were down 21.9 percent at 248.5 pence (US$4.97) in early trading on the London Stock Exchange.
M&S said group sales for the 13 weeks ending June 28 were up 1.3 percent, and international sales gained 24.5 percent.
But in Britain, general merchandise sales slumped 6.2 percent on a like-for-like basis and food sales fell 4.5 percent.
The company said Steven Esom, who had been director of food, was stepping down from the board and will be leaving the business with immediate effect.
``We expect market conditions to continue to remain difficult and we are managing our business accordingly,'' said chairman Stuart Rose.
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``As we said in May, tight stock control and management of costs are a priority. We continue to expect gains in bought-in margin, although the outrun on gross margin is difficult to predict and will depend on market conditions and our trading stance.''
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