Britain's M&S To Feel Transformation Pain Before Profit Recovery
Published on May 20 2019 6:50 AM
Profit at Marks & Spencer is expected to fall for the third year in a row next week, with underlying sales poised to slip as the British retailer works through a painful 'transformation plan'.
M&S set out on its latest turnaround, which follows a decade of failed reinventions, shortly after retail veteran Archie Norman joined as chairman in 2017 to work alongside Steve Rowe, who became chief executive in 2016 and has been with the company for almost three decades.
The 135-year-old mainstay of British shopping streets said in May last year it was targeting sustainable, profitable growth in three to five years by closing weaker stores, re-shaping its clothing and food businesses, cutting costs and investing in technology.