M&S plans to close another 110 stores as profits slip
As wells as closing stores, Marks & Spencer is cutting back on its clothing ranges as it attempts to “right size” its business and make stores less confusing to navigate
Marks & Spencer has announced plans to shut 85 full stores and 25 Simply Food outlets in an attempt to boost its performance.
That comes on top of the 35 stores shut last year.
On top of the cuts planned to store number, the high street giant took a look at its clothing ranges – deciding to pare back on what it offered and instead focusing on a smaller number of items.
However, it’s not all about things disappearing – with new stores planned and the re-introduction of M&S’ “Per Una” range also in the works
Marks & Spencer chief executive Steve Rowe said: “We are deep into the first phase of our transformation programme and continue to make good progress restoring the basics and fixing many of the legacy issues we face.”
M&S said there were no job cuts planned as part of the changes, and that staff would be the first to know about store closures that affected where they worked.
The move comes as the company’s revenue dropped 3% and profit before tax fell 9.9%.
“M&S is changing faster than at any time in my career – substantial changes across the business to our processes, ranges and operations and this has constrained this year’s performance, particularly in Clothing & Home,” Rowe said.
“However, we remain on track with our transformation and are now well on the road to making M&S special again.”
Shares in M&S fell 4% after the results.
Read more at The Mirror