M&S Hit By Downturn
The consumer downturn is even affecting theat bastion of the high street, Marks & Spencer. Marks & Spencer issued a profit warning yesterday, stating that sales at its British stores open more than a year fell 5.3% in the 13 weeks to June 28 and noted that its upscale food business had lost market share as shoppers switched to cheaper rivals. Sales at stores open more than a year in the group's food business were down 4.5%.
M&S also announced that Steven Esom, head of food, was leaving after just one year and that it would look at more programs like its "Dine in for 10 pounds" campaign to win back customers.
M&S will look at how to adapt their food range to shoppers who are more concerned about price.