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...As well as the rights issue, M&S cut its dividend by 40 per cent to help foot the bill....
...M&S’s UK clothing and home sales declined every year from 2011 through to 2020 before staging a small recovery against pre-pandemic levels in 2022....
...M&S added that its clothing business reported its highest market share in seven years, suggesting that efforts to simplify ranges and move to a less promotional pricing strategy are bearing fruit....
...And for all M&S’s current momentum, it has limitations of its own....
...M&S has previously said it is in talks over the outcome. Shares in Ocado fell by more than 6 per cent in early London trading. M&S stock was little changed....
...Machin said that M&S customers, who tend to be slightly older and more affluent than those of mainstream supermarkets, were “slightly more insulated” from cost of living pressures and that they were “letting...
...“There is nothing yet that we are particularly worried about” said M&S chief executive Stuart Machin, when asked about the outlook this week....
...quality, service and choice underpinned by M&S food became diluted”....
...In response, M&S has set out plans to cut another £150mn off its cost base next year....
...Ocado reiterated that it did not intend to sell its half-share in Ocado Retail to M&S to raise funds. “That is not an option we are seriously considering,” said Daintith....
...Berendji cites Chesterfield, where M&S has moved into a former Debenhams store, as an example....
...Therefore, to mark the end of 2023, we asked our colleagues to submit their favourite articles published over the past year for a special edition of our daily Further Reading missive (2022’s round-up can...
...However, M&S chief executive Stuart Machin and finance director Eoin Tonge are both non-executives on the Ocado Retail board....
...M&S has said that would be impractical because of differing floor levels and the presence of asbestos in all three buildings....
...analyst Simon Bowler said Ocado was facing “a perfect storm of [post-pandemic] customer normalisation, wallet pressure and direct cost headwinds” and that the latest warning represented a £20mn impact for M&S....
...M&S shares were up 4 per cent. Ocado Retail is due to report half-year results on Thursday....
...The cautious outlook from M&S comes after chief executive Steve Rowe, who steps down this month after six years, had made progress in reviving the group’s fortunes....
...M&S has not been known for boardroom excess in recent years, largely because its financial performance has been weak during a protracted period of restructuring....
...M&S expected Ocado Retail to make a “minimal” contribution to profits this year....
...expected sales growth, coupled with the impact of higher utility and fuel costs in the year, implies a low single-digit ebitda margin [in 2022],” it added in an unscheduled trading update released alongside M&S’...
...Even in the UK, which offers the biggest opportunity for Boohoo and Asos, market shares are a long way behind the likes of Next, Primark or M&S. Both are also targeting the US....
...M&S has upgraded its profit guidance twice....
...“[Investors] are wanting to show that they are integrating the ‘S’ in ‘ESG’ into their calculations and wages are an important component of that,” said Martin Buttle, head of good work at ShareAction, referring...
Food division posts highest ever festive sales
...M&S said it was one of the first retailers to introduce glitter gin globes to the UK market and knows “the true value and cost of innovation”....
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