Marks & Spencer CEO Marc Bolland to Step Down
07 Gennaio 2016 - 9:40AM
Dow Jones News
LONDON—Marks & Spencer Group PLC said Chief Executive Marc
Bolland will step down later this year as the British retailer
reported slack sales of clothing and other nonfood items in the
weeks before Christmas.
Mr. Bolland will be replaced by Steve Rowe, executive director
of M&S's nonfood general merchandise division, on April 2, the
company said on Thursday.
The shake-up in the British retailer's executive suite takes
place against a backdrop of competition on the U.K.'s high streets
made worse in recent weeks by warm weather which curbed demand for
winter clothing.
M&S reported a 3.7% rise in sales for the 13 weeks ended
Dec. 26 compared with the same period last year, but comparable
sales, a measure which strips out factors such as new stores, were
up just 0.4%, hit by a slump in demand for nonfood items.
Sales of general merchandise, including clothing and products
for the home, fell 5%, or 5.8% on a comparable basis, a decline the
company attributed to unseasonable winter weather and stock
availability.
The disappointing nonfood performance comes after fellow
clothing retailer Next PLC said earlier this week its sales growth
has been below previous guidance as warm weather resulted in a
disappointing performance over Christmas.
On the bright side, M&S said its margins will be at the top
end of previous expectations after it held back from heavy
discounting in nonfood sales.
Write to Rory Gallivan at rory.gallivan@wsj.com
(END) Dow Jones Newswires
January 07, 2016 03:25 ET (08:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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