Business Services Industry
Investors at British retailer Marks & Spencer brace for slowdown in sales.
Knight Ridder/Tribune Business News, November, 2004
By Claire Oldfield, Daily Mail, London Knight Ridder/Tribune Business News
Nov. 8--Marks & Spencer shareholders are braced for a slowdown in sales as the retailer announces half-year results tomorrow.
The slump is thought to have prompted chief executive Stuart Rose to break with tradition and update investors on current trading alongside the results presentation.
Seymour Pierce said trading in the past week has been "frankly awful" with womenswear sales down 18 percent, menswear down 12 percent and home furnishings down 27 percent.
Shares have collapsed and are now at 349 3/4 pence -- a hefty discount to the indicative 400 pence-a-share offer from Philip Green in the summer and below the 362 pence at which M&S bought back 2.3...
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