Profits have fallen 17% since Q1
Following a 17% fall in profits since Q1 this year, the leading retailer Marks and Spencer has announced a major restructuring of its global stores. The programme will affect 10% of shops in the UK, where it will stop selling clothes and increase investment in its Simply Food stores. As a result, 1,700 clothing lines will be reduced in value almost immediately. Stores abroad will be hit even harder by the reshuffle, as the company opts to close down almost all locations outside Britain. The CEO of the company, Steve Rowe, said that the company will stop business in ten countries, but intended to increase its “presence through strong franchise partners”. Ireland, Czech Republic and Hong Kong are the only markets to survive the cull, with Rowe saying lack of knowledge about customers in places such as China or Estonia contributed to the lack of success.
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