WikiWirral Share a Little Learn a Lot about your Wirral
Forum Stats
12452 Members
65 Forums
73748 Topics
996866 Posts
58 posts in the last 24hrs
Max Online: 7831 @ 8th Apr 2013 4:18pm
Who's Online - Click Me
73 registered (8HBob, 13 invisible), 1297 Guests and 261 Spiders online.
Key: Admin, Global Mod, Mod
Social Media : Follow Us


(Views 7days)This Weeks Most Read
Games for children 986
Fitting bathroom lights need help 336
Travelling Bus and Train Which Tickets? 293
Charity fishing match 280
Anyone read this ? 265
Replacement Key Fob casing 265
Taltalk Broadband Dying 256
Submarine Disaster 190
Bath Lifts 183
Are there any doctors or nurses on here. 127
New General Forums
Brexit bill
by casper
Yesterday at 07:33 PM
Telephone Caller Alert - they are NOT BT BROADBAND
by Laraine
17th Nov 2017 6:04pm
Are you a Mathematician ?
by granny
15th Nov 2017 8:59am
Poor Bruce
by diggingdeeper
15th Nov 2017 1:15am
New Wirral History
Downloadable oldwirral pdfs
by derekdwc
9th Oct 2017 12:26pm
Forum Tips
Photo Gallery Forums
clipper yachts arriving for round the world race
Azamara,silouette and balmoral this mornig
Topic Replies
Submarine Disaster
by venice
12 minutes 0 seconds ago
Extending dining table with six chairs
by kazaroo
Today at 11:04 AM
Fitting bathroom lights need help
by Salmon
Yesterday at 10:52 PM
What is your Daily Exercise ?
by granny
Yesterday at 10:11 PM
Vaping set
by paul110180
Yesterday at 01:45 PM
Charity fishing match
by paul110180
Yesterday at 01:43 PM
Charity fishing match
by paul110180
Yesterday at 01:32 PM
Games for children
by venice
Yesterday at 01:58 AM
Bongos Bingo Ticket
by venice
Yesterday at 12:36 AM
November
M Tu W Th F Sa Su
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30
Recent Posts : What's On ?
The Lanterns at Chester Zoo
by granny
16th Nov 2017 1:05pm
bonfire night
by snowhite
3rd Nov 2017 5:40pm
Topic Options
Rate This Topic
#281225 - 7th Jan 2009 4:32pm 27 M&S stores being axed after 7% sales slump...
_jase_
Unregistered


Marks & Spencer today revealed the 27 stores it is closing down after one of its worst ever Christmas trading performances.



Under pressure: M&S chief executive Sir Stuart Rose

The retailer announced it will shut 25 Simply Food stores and two of its smaller M&S outlets and cut more than 1,200 jobs after sales fell by more than seven per cent.

It is the store's biggest collapse since July-September 1999 and was despite heavy price-cutting in the run-up to Christmas.

Traditional branches of the high-street chain in Valley Park, Croydon and Woking, Surrey, will be shut down, although no dates for the closures have yet been given.

The Simply Food outlets also going include branches in Bracknell, Torquay, Imperial Wharf, Harbourside in Bristol, Newtownards, Trowbridge, Letchworth, Huntingdon, Marlborough, Braintree and at the Grafton Centre in Cambridge.

The rest affected are in Caversham, Balham, Palmers Green, Colmore Row in Birmingham, Evesham, Tewkesbury, Whitley Bay, Newcastle-under-Lyme, Biggin Hill, Sudbury, Ripon, Melton Mowbray, Honiton and Market Harborough.

The announcement came as banking giant Barclays revealed it plans to axe 400 jobs and consumer lender Cattles said it was considering cutting 1,000 posts.

At M&S, like-for-like sales, which do not include trade from new stores opened during that time, plunged by 7.1 per cent in the 13 weeks to December 27.

Food as well as fashion sales slumped after shoppers hit by the credit crunch moved to cheaper rivals.

General merchandise trade, which includes clothing, fell 8.9 per cent and food trade fell by 5.2 per cent.

Stores sold nearly 130million items and had 56million customers in the 10 days before Christmas. On December 23 alone its food department took a record 50million.

However, its two 20 per cent off promotional days in November and December to boost trading - ate into the group's margins, which will hit profits this year.

Despite the credit crunch, it also still spent a fortune on hiring big names for its now traditionally lavish Christmas ad campaigns.

For the second year, Take That appeared with regular M&S models Twiggy, Myleene Klass, Lily Cole, Erin O'Connor and Noemie Lenoir.

Former chat show host Michael Parkinson also voiced another television advert for its Christmas food range.

Taking into account the sales slump, analysts expect M&S to report profits of around 620million, more than a third lower than last year's 1billion.

But Chief executive Sir Stuart Rose denied today's update amounted to a profits warning and promised that there would 'almost certainly' be no further store closures.

The retail chief said the group was taking the 'necessary action to keep ourselves lean and mean'.

His role has come under the microscope in recent months as high street sales were squeezed but Sir Stuart insists this would be the wrong time to replace him.

'If this was an aeroplane flying through a storm, the best thing to do is not to nip up the front and change the pilot,' he said.

Shares in the chain actually rose three per cent after the figures were released because they had not been quite as bad as experts had feared.

'The third quarter like-for-like sales are bad... but not quite so bad as we expected, thanks to a late spending surge pre-Christmas,' retail analyst, Nick Bubb, said.

Union leaders, however, were dismayed at the scale of jobs cuts and called for urgent talks with M&S to discuss the redundancies.

John Gorle, national officer of Usdaw, said: 'We are shocked at the severity of the cuts and we were not anticipating store closures. Our members will now be extremely worried.

'The company does not formally recognise trade unions but I hope they will meet with us to have a meaningful dialogue.'

There were rumours that some workers could be laid off quickly but Mr Gorle said he would find it hard to understand why M&S needed to take such swift action.

The retail giant also hopes to save 200milllion through changes to M&S's final salary pension scheme.

They are capping employers' annual increase in pensionable pay and altering early retirement benefits for some workers.

Sir Stuart said: 'We are aware that the proposed changes will be difficult for those members of staff impacted, but, given that we expect challenging economic conditions to continue for at least the next 12 months, we believe we are taking the right action to maintain the strength of our business.'

Top
Google Ads
#281453 - 8th Jan 2009 6:06am Re: 27 M&S stores being axed after 7% sales slump... [Re: ]
Shambo Offline
Wise One

Registered: 15th Jul 2008
Posts: 794
Loc: New Brighton
smirk


Attachments: Viewing Permissions May Apply. Click Me
mandsp45.jpg



Top
#281538 - 8th Jan 2009 4:05pm Re: 27 M&S stores being axed after 7% sales slump... [Re: Shambo]
_jase_
Unregistered


lmao raftl

Top
#281543 - 8th Jan 2009 4:28pm Re: 27 M&S stores being axed after 7% sales slump... [Re: ]
Sanchez Offline

Wiki Veteran

Registered: 17th Dec 2003
Posts: 8019
Loc: my house
Although they have made a 7% profit loss, does this mean they still made a profit ?
_________________________
Uncertainty or not knowing causes depression, Im happy because I know I'm going to die one day!

Top

Moderator:  Mod 
Random Wirral Images

Click to View Topic.
Newest Topics
Submarine Disaster
by diggingdeeper
Yesterday at 05:46 PM
Fitting bathroom lights need help
by yr20405
17th Nov 2017 11:29pm
Charity fishing match
by paul110180
17th Nov 2017 9:29pm
Games for children
by granny
17th Nov 2017 1:35am
Are there any doctors or nurses on here.
by granny
16th Nov 2017 11:52pm
For Sale & Free
Extending dining table with six chairs
by kazaroo
Yesterday at 04:46 PM
Water Dispenser Cold Cool Machine Cooler
by markyport
19th Nov 2017 4:45pm
where to get cheap carpet
by mickturner
17th Nov 2017 4:24pm
White radiator single panel 1400 x 600 - good cond
by gerrymoore
16th Nov 2017 9:16am
Samsung Galaxy S7 Titanium Silver + Extras
by j_demo
15th Nov 2017 7:29pm
Featured Member
Registered: 1st Sep 2012
Posts: 92
Newest Members
wagonwheel82, Norfolk, monadrexx, Dipper, DarioLo
12452 Registered Users
Today's Birthdays
No Birthdays
New Wirral Info
Fitting bathroom lights need help
by yr20405
17th Nov 2017 11:29pm
Games for children
by granny
17th Nov 2017 1:35am
Bath Lifts
by locomotive
16th Nov 2017 6:22pm
The Lanterns at Chester Zoo
by granny
16th Nov 2017 1:05pm
Travelling Bus and Train Which Tickets?
by fish5133
15th Nov 2017 5:31pm
News : New Topics
Submarine Disaster
by diggingdeeper
Yesterday at 05:46 PM
Anyone read this ?
by venice
16th Nov 2017 3:22pm
Is this crime against humanity
by granny
13th Nov 2017 4:04pm
Wedding for Cancer Research !
by Katemargaret
11th Nov 2017 10:38pm
The EU and us.
by Excoriator
11th Nov 2017 8:44am
New Enthusiast Forums
Charity fishing match
by paul110180
17th Nov 2017 9:29pm
Are there any doctors or nurses on here.
by granny
16th Nov 2017 11:52pm
Taltalk Broadband Dying
by diggingdeeper
15th Nov 2017 3:40am
Replacement Key Fob casing
by fish5133
14th Nov 2017 7:45pm
Insecure sites.
by venice
13th Nov 2017 3:54pm
(Views 24hrs)Trending Newest Topics
Submarine Disaster 190
Brexit bill 21
Wirral Sunrise Sunset
Sunrise Tue 7:50am
Sunset Tue 4:06pm
Local Time Tue 12:15pm
WikiWirral Can . . . .