Hopes fail to rise for M&S revival

MaRKS & Spencer is poised to plough on with its store closure programme as it reveals half-year results on Wednesday.

analysts expect the high Street retailer to unveil another set of poor figures, despite an extensive turnaround strategy led by chief executive Steve Rowe.

already eight poorly performing stores in the UK have been closed, out of 30 targeted, and 53 closed or sold in overseas markets. analysts expect an update on its sale of shops in hong Kong and Macau to Dubai-based conglomerate al-Futtaim.

City analysts are predicting that M&S’s profit for the first half of the year will drop 13pc to £201m.

Sales at its embattled clothing and home division are predicted to slump 1.5pc while food sales are expected to fall 0.3pc.

Since replacing Marc Bolland as chief executive in 2016, Rowe has axed poor- selling ranges Indigo, Collezione and North Coast and scrapped 27 promotions in the first quarter in order to wean shoppers off sales.