Speedy closures for M&S stores

Marks & Spencer will speed up store closures after falling sales and cost pressures dragged first-half profit lower.

Marks & Spencer (M&S) will speed up store closures after falling sales and cost pressures dragged first-half profit lower on Wednesday, underlining its struggle to retain the loyalty of British shoppers.

M&S, one of the best-known names in UK retail, said finance chief Helen Weir would leave the business when a successor is found after less than three years in the role. She told reporters she wanted a “more diverse portfolio” of jobs.

M&S said it would accelerate store closures, space reduction and relocations for its clothing and homewares business, part of CE Steve Rowe’s five-year turnaround plan, which is set to dent short-term profits. While it still plans to grow a food business focused on convenience and quality, it will slow down openings of Simply Food stores. It flagged more price cuts and product innovation.

It said it would modernise its clothing supply chain to make it faster and lower cost, set a target for a third of its clothing and homeware sales to be made online, and plans to substantially cut its cost base.

The 133-year-old M&S is battling to remain relevant after falling out of fashion over the past decade and Rowe’s plan is the latest attempt to revive its fading fortunes.

“We’ve made good progress in addressing the most immediate issues to arrest the decline of M&S,” he said.