Yorkshire Post - Business - - BUSINESS / NEWS -

Tom Steven­son, in­vest­ment di­rec­tor at Fidelity Per­sonal In­vest­ing’s share deal­ing ser­vice, said the re­sults were like a “cold shower”.

“The com­pany is ruth­lessly hon­est about the mas­sive chal­lenge it faces,” he said.

“It is re-in­vent­ing it­self on no less than nine dif­fer­ent fronts, ac­knowl­edg­ing that it has a moun­tain to climb in both cloth­ing and food, that its man­age­ment has been weak, its web­site clunky and its stores old-fash­ioned.”

M&S said cap­i­tal ex­pen­di­ture ex­pected to be be­tween £300m and £350m be­fore dis­pos­als.

Thomas Br­ere­ton, re­tail an­a­lyst at Glob­alData, said: “While it is still un­der­go­ing ‘pro­found struc­tural change’, fol­low­ing the an­nounce­ment in May of plans to shut­ter 100 ful­lline stores by 2022, its speed of trans­for­ma­tion con­tin­ues to lag be­hind the speed of change in con­sumer be­hav­iour.”

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