A fair amount of whispering is going on, surrounding the unintentional release of some of Marks & Spencer’s quarterly trading figures.
marks & spencer’s financial struggles still continuing?
For many years now, Marks & Spencer has been publically struggling to maintain consistent strong profits. In the late 1990s it experienced great growth in profits, however in the last 10 years their profit levels have plummeted along with share prices. The cause for this has partly been attributed to more conservative shoppers looking to save more money, but also to the company becoming a bit more out of touch with its core target market of female shoppers.
Leadership of the company has always been the main focus. Shareholders and stakeholders alike have long been wondering who was going to be the person to revive Marks and Spencer to its former glory. The current CEO is Marc Bolland however many are less than happy with the ‘progress’ the company has been making under his charge.
It certainly does not help his case that the company’s figures had been leaked and revealed some very disappointing results.
marks & spencer financial performance less than impressive
Food sales increased by a marginal 0.3%, however Bolland is quoted as saying that food is performing “very well”. However when it comes to the primary concern, which is clothes sales, the released figures are certainly not highlighting Mr Bolland’s best skills as the driving force for Marks & Spencer. Like for like sales in this department decreased by 6.8% in the first quarter, then went down by 1.8% the second quarter and during the third quarter, again it was a minus of 3.8%. All Mr Bolland could comment was that the results were “Not yet satisfactory” and many are wondering how much damage this leak will do to his career at Marks & Spencer.
There is speculation that the figures may have been leaked as part of a conspiracy to expose how the company is performing under Mr Bolland. Even if the details were a genuine mistake, it still doesn’t reflect well on him and now many question how long it will be until a corporate reshuffling is set to take place.
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