giftedviz.com
giftedviz.com July 16, 2018


'Mixed' Performance For Marks & Spencer In Q3

12 January 2018, 12:22 | Austin Hogan

'Mixed' Performance For Marks & Spencer In Q3

Overall sales were down 2.8 per cent in the 13 weeks to December 30 better than the City had feared but appreciably worse than competitors such as Tesco and Sainsbury

Tesco shares fell around 4 per cent today morning despite the supermarket announcing record sales over Christmas period.

The group, which re-set its strategy in November two months after Archie Norman joined as chairman, said clothing and homeware like-for-like sales fell 2.8 percent in the 13 weeks to December 30, its fiscal third quarter.

"Rowe's five-year plan is no more than a profit stabilisation strategy and (we) see better value elsewhere", Investec's Kate Calvert, who has a "sell" rating on M&S, said.

Like-for-like sales for the United Kingdom and Ireland - which compare performance across the same stores - grew 1.9 per cent in the crucial six-week festive period to 6 January, driven by a rise of 3.4 per cent in food sales. Their signature luxury products are being undercut by bargain supermarkets at a fraction of the price.

It added that trading since December 23 has been mixed following "disappointing" sales in the week after Christmas, although it has halted sales declines in store and online since New Year's Day.

Tesco has reported record sales in the lead up to Christmas, with strong trading in fresh food helping it outperform the total market. While retail inflation remains a market-wide issue, Tesco's fresh categories significantly outperformed the market, with meat and poultry volume sales particularly strong.

Toyota and Mazda Will Build $1.6B Assembly Plant in Huntsville, Alabama
Toyota now operates 10 plants in eight states including West Virginia, Kentucky, Indiana, Alabama, Mississippi and Texas. Huntsville Mayor Tommy Battle hailed the Toyota-Mazda decision as a milestone development for the North Alabama city.


Weiner and Abedin Appear to Salvage Scandal-plagued Marriage
Abedin filed a divorce from Weiner in May and listed it as "contested", which meant they had to negotiate in front of a judge. Once and future political stars Huma Abedin and Anthony Weiner have called off their divorce court proceedings.


Facebook to show more content from friends, less from publishers
What you see when you log on to Facebook will be changing soon-because Mark Zuckerberg wants to make sure "the time we all spend on Facebook is time well spent".


"I would describe the consumer as quite fragile and quite volatile and if there's a reason not to spend they take it", M&S Chief Executive Steve Rowe told reporters.

The festive sales fall comes after it gave hope last November that its turnaround was gaining traction in the embattled clothing and home division, when second-quarter sales dipped by just 0.1%.

"We are confident in the outlook for the full year and are firmly on track to deliver our medium-term ambitions".

M&S said a pick up in trading over the key Christmas weeks helped make up for a weak clothing market and more hard trading in its food business, with consumer spending under pressure amid a squeeze on budgets from inflation.

Like-for-like growth in sales is an indicator for retailers' current trading performance and caused M&S shares to drop 5.6 percent.

Want more stories like this in your inbox?



Other News

Trending Now

Canada Unveils Veteran Hockey Team for PyeongChang
Worldwide data analytics company Gracenote predicted gold for Canada in men's hockey as part of a 33-medal haul in Pyeongchang . Former IceCaps forwards Eric O'Dell and Christian Thomas along with goaltender Ben Scrivens have been added to the roster.

Intel Announces 802.11ax Chipsets for Faster Wi-Fi - IT Peer Network
Furthermore, Intel's 802.11ax chipsets are based on Draft 2.0 of 802.11ax , which will be the baseline for 802.11ax certification. Every device these days depends on Wi-Fi, and a new standard the Wi-Fi Alliance is working on should make it more reliable.

Google Doodle celebrates 96th birth anniversary of Nobel Laureate Har Gobind Khorana
The effective step which the scientist like Har Gobind Khorana shows the way to a number of development and studies. The research which make him prominent personality in science was construction of the world first artificial gene.

New Yorkers urged to get flu shots after child dies from illness
The week ending December 30, 2017, saw 142 confirmed flu cases, an increase of 48 percent over the previous week. It's as a new heatmap puts part of our county in the red for the number of reported cases of flu-like bugs.

Mark Wahlberg reportedly paid way more than Michelle Williams for reshoot
Christopher Plummer was given the role, but the other principal actors had to come in to shoot additional scenes. Apparently, the film had all the money for star Mark Wahlberg , but not for his co-star Michelle Williams .

All you need to know about India's 100th satellite
Liftoff of the four-stage PSLV, boosted by six strap-on solid-fueled rocket motors, is scheduled for 0358 GMT Friday (10:58 p.m. In this context, ISRO has taken four-month interval to revisit some of the core areas.

PSG 'tell Nantes they can sign Manchester United target Lucas Moura'
The Old Trafford giants have been linked with Moura but it appears as if they are still some way off any deal being agreed. He has come five years late, but he could make up for lost time by getting up and running right away.

CES 2018: JBL Adds Smart Speaker With Display To Link Family
B&O also announced AirPlay 2 support is coming to 10 devices including the Beoplay M3 , M5 and A9 mk2 and Beosound range. And, across all your devices, the Google Assistant is making your home even smarter.

Sarah Sanders gets roasted on Twitter after giving update on Trump's health
The White House issued a response to the Post's report that does not explicitly deny the quote. The White House defended Trump's remarks in a statement and did not deny them.

Seahawks fire offensive coordinator Bevell, O-line coach Cable
Offensively, that's what we've seen time and time again is that we do not execute the way that we should. Seattle Seahawks coach Pete Carroll could be starting a major overhaul of his assistant coaches.