Food waste and too much skinny menswear spoil M&S's Christmas
) said its performance over the key Christmas quarter was held back by waste in its food business and weak sales of menswear and gifts, sending its shares sharply lower.
The “disappointing one-off issues” overshadowed M&S reporting a rise in quarterly underlying sales for its overall UK business for the first time since 2017.M&S, one of the best known names in British retail, said its overall UK like-for-like sales rose 0.2% in the 13 weeks to Dec. 28, its fiscal third quarter.
M&S set out on its latest “transformation” plan shortly after retail veteran Archie Norman became chairman in 2017 to work alongside CEO Steve Rowe, who has been with the company for 30 years and became its boss in 2016.
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